MINT posts record profit in Q1
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Minor International Plc (MINT), a listed hotel and restaurant operator, is confident that its net profit for the full year will grow, after it posted Bt1.27 billion in net profit in the first quarter, a record for the organisation.
In the first quarter of last year, its net profit was Bt823 million. For the whole year, it generated Bt2.88 billion. Over the next five years, the firm aims for net-profit growth of 15-20 per cent annually.
Chaiyapat Paitoon, MINT’s vice president of strategic planning, was optimistic about the growth outlook, despite risks caused by rising inflation and the financial crisis in Europe, especially Greece. The firm must control its cost management, especially hedging raw materials used for its restaurant chains, including The Pizza Company, Burger King and Sizzler, Chaiyapat said.
The firm operates 1,264 restaurants both locally and internationally and plans to double that number over the next five years.
Currently, the firm operates hotel businesses under brands like Anantara, Avani boutique hotel and Oaks, located in Australia. This year, its occupancy rate is expected to be 70 per cent, up from 65 per cent. Room prices in the first quarter increased by 7 per cent, while in the second quarter its occupancy rate is still high.
For the next five years, the firm has a budget of Bt20 billion to expand its restaurant and hotel networks, not only in the Kingdom, but also overseas, where the firm already has a foothold, including in China, India, the Middle East and Indochina.
Previously, he said total sales would reach Bt50 billion by 2016, up from Bt28 billion in 2011.
He said the ratio of food to hotel-business sales would be fairly even. However, the hotel business contributes 60 per cent, and the food business 40 per cent.
