King Power first quarter sales boost

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Leading Asian operator King Power International (Thailand) today reported a 15.3% sales increase in its financial results for the first quarter ended March 31 2001.

Revenues in the period were $31.7m compared to $27.5m in 2000. Net profit for the quarter was also up 2.6% to $1.94m compared to $1.89m last year. King Power said in a statement that the main factors contributing to the performance were continued growth in the number of tourists entering Thailand and a change in product mix, more precisely targeted to various groups of travelers. In addition to the on-going sales promotional campaign, management said it has put emphasis on specific products which appeal to various groups of travelers. King Power expects this practice to continue to bring in new customers and increase spending per capita.

Other highlights of the results were a decline in overall concession fees which showed a 6% decline to reach $5.8m in the period. Gross profit margin increased to 31.7% or $10.0m. Cost of merchandise sold increased by 20.7% to $15.8m.