King Power reports net income fall in 2001

?Despite an encouraging increase in total revenues, King Power International Group has reported a 30.8% fall in net income for the year ended 31 December 2001. Revenues stood at $116.3m for the year, compared to $108.9m for 2000, but net income dropped to $4.5m or $0.22 per share, from $6.5m or $0.32 per share for 2000.
Fourth quarter revenues rose to $31.3 m from $29.7m in 200, although net income fell from $505,000 or $0.02 per share in 2000 to $276,000 or $0.01 per share.
According to the company, net profit for 2001 was hit by the appointment of over 630 employees, an increase of 27.8% over the previous year. The company said the additional staff were needed to support the retailer?s expansion in Thailand?s major international and domestic airports. The management of the company expressed confidence that revenue generated from this expansion would contribute positively to 2002 results.