AOT reverts to profitability, posting Bt8.79 bn profit
The Airports Authority of Thailand (AOT) has reported a profit of 8.79 billion baht for the first 9 months of this year, reversing losses of 11.09 billion baht incurred in the same period of last year.
The reversal was driven by strong growth in aviation revenue, which reached 22.27 billion baht, up 205%, due mainly to the recovery of the global aviation industry.
According to the company’s financial statements for the year ended September 30, 2023, AOT's total revenue from sales or services increased 190.71% to 48.14 billion baht from 16.56 billion baht in 2022. This was due to:
-Increased aviation revenue of 22.26 billion baht, or 205.43%, due to an increase in the number of flights and passengers.
-Increased non-aviation revenue of 25.87 billion baht, or 179.13%. However, other revenue decreased by 304.58 million baht, or 77.13%.
-Total expenses increased 18.81% to 5.42 billion baht, primarily due to increased employee benefits, external fees, utilities, and maintenance and repair costs.
Meanwhile, losses from derivative instruments, fees for the use of state property, and other expenses decreased. Financial costs also decreased by 39.31 million baht, or 1.34%. Tax expenses increased 5.12 billion baht, or 177.40%, in line with the company's increased earnings.
AOT's results are a positive sign for the Thai economy. The recovery of the aviation industry is a major driver of economic growth and analysts predict that AOT's strong performance will contribute to further economic growth in 2024.
