Dusit Thani posts losses of over Bt1bn in 2020
Hotel and property developer Dusit Thani has posted losses of Bt1.011 billion for 2020 after Covid-19 restrictions brought global tourism to a halt.
Dusit Thani Group CEO Suphajee Suthumpun said the loss was to be expected following ongoing travel restrictions and the temporary second-quarter closure of its properties in line with government directives.
However, she said Dusit Thani’s efforts to mitigate the impact of the global pandemic on its business were reflected in its quarterly revenue increase of 60.3 per cent in the fourth quarter.
Over the past year, the company had remodelled its revenue streams, concentrating on non-room businesses and preparing for the tourism rebound by enhancing its customer services, she added.
"For example, we transformed vacant land at Dusit Thani Hua Hin into a nature-based tourist attraction complete with paddies for growing and harvesting rice, which we believe will become a unique selling point. Similar models will be introduced at other Dusit Hotels and Resorts to drive sustainable value."
Dusit Thani also opened five new hotels worldwide, and grew its regional food business by acquiring The Caterers, a catering company for schools and events in Vietnam.
It also opened three new branches of its KAUAI healthy “grab-and-go” food outlets in Bangkok, under a joint venture with South Africa’s Real Foods Group.
Suthumpun said she was optimistic that tourism will start to recover as more people receive vaccinations and traveller confidence returns.