Platinum Group’s 2016 net profit up 12% YoY

The company also unveiled its “The Platinum Empowering SMEs Project”, which involves fashion shops promoting Thailand’s Pratunam wholesale and retail market to be the centre of Asean tourism, recreation and shopping.
Chanchai Phansopha, president of Platinum Group, said the 2016 net profit was Bt74 million or 12 per cent higher than 2015. 
Its operating profit in 2016 reached Bt1.86 billion, up 95 million baht or 5 per cent on 2015. 
The group said the key factors fuelling its operating profit growth were an increase in revenue from core businesses, including rental fees, service fees and hotels, after the company raised rental fees and service fees for lease and service contracts that expired during 2016.
It said another factor for the higher figure was using its own management for some businesses at The Platinum Fashion Mall’s food centre. 
In addition, the company said it provided lease areas in Talad Neon Downtown Night Market on Petchaburi Road, resulting in an increase in revenue from rental and service fees. 
Platinum said its operating profit was mainly contributed by rental fees and service fees (Bt1.1 billion), hotel operations (Bt365 million) and food and beverage (246 million).
“Our revenue and profit in 2016 met the target and our operating profit hit a new high for PLAT [Platinum] of Bt704 million, Chanchai said in a statement.
He added: “Hotel revenue growth is contributed by an increase in room rates and the rising number of corporate clients with higher room rates in Q3/2016, where other revenues remain unchanged. 
“The company’s board of directors resolved to pay shareholder cash dividends of 0.18 per share for the operating period of 1 January to 31 December 2016 on 23 May 2017 with a dividend received on May 3, 2017.”
Chanchai said for the group forecast total revenue of Bt2 billion in 2017.