King Power sales soar in third-quarter results

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King Power International (Thailand) yesterday reported financial results for the third quarter ended September 30 2002

For the third quarter of 2002, net revenues were up 44% to $38.9m, compared to $27.1m for the same period in 2001. Net profit for the quarter was down 18% at $1.4m compared to $1.7m.

For the nine-month period net revenues were up 45% to $123.2m, compared to 2001. Net profit for the nine-month period was $10.6m, more than double last year's figure of $4.3m.

King Power said the rise in sales was largely due to the company's ability to obtain additional space from the Airports Authority of Thailand which allowed it to expand its duty-free business throughout Thailand, beginning in January 2002. At Bangkok airport, King Power added four new locations in departures, two in arrivals and one transit shop. At Phuket, it gained one departures and one arrivals store, plus one extra departures store at Hat Yai and Chiang Mai. The previous operator Airport Duty Free was disqualified in a controversial tender for the five-year contract and vacated the retail spaces nearly a year later at the end of December 2001 (TRW 28/02/01)