Airports of Thailand’s Q2 profit down 11%

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Airports of Thailand has recorded an 11% fall in pretax profit for to Bt9.54 billion ($294 million) for the quarter ended 31 March 2014.

Revenue for the airports operator declined by 4% to Bt20.9 billion, while total expenses increased by 2.5% to Bt11.4 billion. Net profit for the three months was down 5.6% to Bt7.5 billion.

The company noted that compared to the previous corresponding quarter, there was a decline in passenger service charge revenues as a result of lower international passenger volumes, especially at Bangkok Suvarnabhumi airport where passenger numbers were down 9%. That was offset by an increase in revenue from parking and landing charges as flights across its six airport rose by close to 12%.

Over the period, it drew down Bt1.85 billion in cash, leaving it with a cash and cash equivalents balance of Bt4.76 billion at 31 March.

In its outlook, AoT notes that the turbulent political situation in Thailand may impact tourism to the country, thus affecting passenger volumes through its airports. Nevertheless, it still has long-term plans to continue investing at Suvarnabhumi, Phuket International and Don Mueang International airports to support the long-term growth of low-cost carriers.