Minor suffers major loss of Bt5.59bn in third quarter
Minor International (MINT) has recorded a third-quarter net loss of Bt5.59 billion, down 223 per cent from the same period last year as Covid-19 took a big toll on the hospitality giant.
MINT's third-quarter revenue was Bt14.88 billion, down 50 per cent year on year, while the company's net loss in the first nine months was Bt15.81 billion, down 328 per cent from the same period last year.
MINT’s chief financial officer Brian James Delaney predicted the company's performance would improve over the fourth quarter and into next year as its post-Covid business plan kicks into gear.
"We expect MINT's performance to move into positive territory by next year on hopes of a Covid-19 vaccine and the company's asset-circulating strategy," he said.
"Meanwhile, the company will continue to manage expenses to maintain liquidity while seeking opportunities to generate revenue amid unexpected crises."
He added that MINT's third-quarter revenue had doubled from the previous quarter after the company's hotels, restaurants and retail businesses were able to reopen following the easing of lockdown restrictions.
