AoT results boosted by King Power compensation

Nicole Mezzasalma

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Non-aeronautical revenues were also up 7.1% in the three months ended June 30 and 22.4% in the nine months to June 2008

Airports of Thailand (AoT) has announced its results for the three months ended June 30. Operating revenue was up by 11.2% to Bt5.18bn ($153.6m) and net profit grew 1,001% to Bt3.6bn ($107.5m) compared with the previous corresponding period. AoT said the main driver for the high profits was the compensation payment from duty-free operator King Power International Group (Thailand) ordered by Thailand’s Civil Court for damages due to the non-payment of concession revenues following a legal dispute between the two companies. King Power paid compensation of over Bt3.8bn ($112.5m) in the quarter.

Non-aeronautical revenues were up 7.1% to Bt1.5bn ($44.4m) in the three months to June 2008. These include concession revenues of Bt473.6m ($14m), an increase of 22.8% compared with the same period last year.

AoT also announced its results for the nine-month period ended June 30 2008. Operating revenue grew 21.5% to Bt16.7bn ($494.5m) and profits were up 326.4% to Bt7.1bn ($210.2m) in the interval. Non-aeronautical revenues increased by 22.4% to Bt4.9bn ($145.1m) and included concession revenues of Bt1.4bn ($41.5m), which represented growth of 39% compared with the same period in 2006/07. AoT also received compensation of Bt7.3bn ($216.2m) in the nine months to June 2008.