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Tuesday, December 4, 2007

Thailand Airports profits not so high

The latest profit report for the Airports of Thailand (AOT) shows that fiscal year 2006/07 wasn’t as good as the last, with 90% fall in profit largely due to depreciation and massive maintenance costs.

Profit for the year ending on the 30th of September, 2007 came in at THB1.09 billion (USD33 million) sharply down when compared to the same period ending in 2006 which achieved THB10.5 billion.

This lukewarm result came even though AOT recorded a 20% surge in revenue profits, which were boosted from charging airlines more in airport fees.

But any gains made in that area where negated due to costs lifting by a whopping 91%.

According to a statement made by AOT, this was largely attributed to depreciation and maintenance at the new Suvarnabhumi Airport in Bangkok.

News of the smaller profit saw AOT shares fall by 0.86% on close of trading on the day of the announcement.

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