Wednesday, August 21, 2019

Central Plaza Hotel sees total revenue of Bt5.22 billion in Q2

Aug 13. 2019
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By The Nation

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Central Plaza Hotel Plc earned revenue of Bt5.22 billion in the second quarter of this year, similar to the same period last year, according to the company’s earnings report on Tuesday.

Its earnings before interest tax depreciation and amortisation, or EBITDA, was Bt906.7 million, a decrease of 9.6 per cent year-on-year (YoY). The company saw net profit of Bt290.5 million, a decrease of Bt81.2 million, or 21.8 per cent, YoY.

However, in the second quarter of this year, the company earned net profit of Bt232.4 million, a decrease of 37.5 per cent YoY due to the provision for long-term employee benefit obligations of Bt58.1 million.

Central Plaza’s hotel business meanwhile reported revenue of Bt2 billion, a decrease of Bt138.7 million, or 6.5 per cent, YoY, due to a lower number of Chinese tourists – an important group of visitors during the low season – coupled with the closure of Centara Grand Beach Resort Samui for major renovation since June 1, 2019. In addition, the operating results for the 5-star property in the Maldives softened, compared to the same period last year. In the second quarter of this year, the company achieved EBITDA of Bt543.1 million, or 27.1 per cent, of total hotel revenue, it reported.

Its food business recorded Bt3.22 billion, a rise of 5.7 per cent YoY, derived from a net increase of 99 quick service restaurants. Total systems sales growth was 5.7 per cent YoY, while same stores sales growth decreased by 1.8 per cent YoY but improved from the previous quarter, especially from Mister Donut and Auntie Anne’s outlets. However, the firm’s promotional campaigns to drive sales and an increase in fixed costs such as those for labour resulted in the lower profit margin. The company achieved EBITDA of Bt363.6 million, or 11.3 per cent, of total food business revenue in the second quarter of this year.

For the first half, the firm saw total revenues of Bt10.86 billion – similar to the same period last year – and total EBITDA of Bt2.4 billion, a decrease of 9.9 per cent YoY, for both its hotel and food businesses. Net operational profit was Bt1.03 billion, a decrease of 17.5 per cent YoY. 

The company’s long-term employee benefit obligations of Bt58.1 million and meanwhile an insurance claims payment for damages to its property of Bt80.6 million resulted in net profit of Bt1.05 billion, a decrease of 15.7 per cent compared to the same period last year, according to the firm’s earnings report.

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