FRIDAY, March 01, 2024

AOT sees soaring profits as global aviation industry thrives

AOT sees soaring profits as global aviation industry thrives

Airports of Thailand (AOT) Plc on Monday reported a profit of 4.56 billion baht in the first quarter of fiscal 2024 (October-December 2023), a jump of 1,231% compared to the same period last year, which saw 342.77 million baht of profit.

The airport authority said it had enjoyed significantly increased revenue from both its aviation and non-aviation businesses.

According to Chenwit Musikarat, AOT’s executive vice president for accounting & finance, AOT's total revenue from sales and services increased 78% year on year to 6.88 billion baht. This was due to:

- Increased aviation revenue of 2.72 billion baht, or 62.64%, due to the rise in the number of flights and passengers.

- Increased non-aviation revenue of 4.15 billion baht, or 92.96%.

- Increased other revenue of 33.68 million baht, or 70.09%.

- Total expenses increased 21.51% to 1.64 billion baht, primarily due to depreciation and amortisation costs, increased employee benefits, external fees, and maintenance and repair costs.

Meanwhile, AOT’s financial costs went down 4.96% to 36.15 million baht.

In November last year, AOT reported a profit of 8.79 billion baht for the first 9 months of 2023, reversing losses of 11.09 billion baht incurred in the same period the previous year.

The company had said that the reversal was driven by strong growth in aviation revenue, which reached 22.27 billion baht, up 205%, due mainly to the recovery of the global aviation industry.