Thai Airport Operator ‘AOT’ Turns to Book THB3.15 Billion of Net Profit as Tourism Recovers from Covid

Airports of Thailand Public Company Limited (SET: AOT) has announced its fiscal 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q23 2Q22
Net Profit (Loss)
Million Baht
3,155.63 -2,207.20
Earning Per Share
0.2200 -0.1500
9 Months 2023 2022
Net Profit (Loss)
Million Baht
5,358.93 -9,755.32
Earning Per Share (Baht) 0.3800 -0.6800

For the three-month period ended June 30th, 2023, AOT generated net profit of Baht 3,155.63 million. Operating results increased by Baht 5,362.82 million compared to the prior year’s corresponding period of which net loss was Baht 2,207.19 million. Revenues from sales or services increased by Baht 8,288.26 million or 177.63% as a result of an increase in aeronautical revenue of Baht 3,982.47 million or 192.20% and non-aeronautical revenue of Baht 4,305.79 million or 165.99% because of the rise in the total number of flights and passengers.

Other income decreased by Baht 117.85 million or 36.76%. Total expenses increased by Baht 1,302.30 million or 18.59% mainly due to higher employee benefit expenses, outsourcing expenses, utilities expenses and loss on impairment of assets, while state property rental decreased. In addition, finance cost decreased by Baht 11.08 million or 1.52%. Income tax expenses increased by Baht 1,371.45 million or 249.64%, which was in line with an increase in operating results.

During the nine-month period ended June 30th, 2023, the air traffic volume of the six airports under AOT’s responsibility increased 74.65% or 474,882 flights compared to the prior year’s corresponding period, comprising 230,515 international flights and 244,367 domestic flights. The total number of passengers increased 153.68% or 74.39 million compared to the prior year’s corresponding period, comprising 38.90 million international passengers and 35.49 million domestic passengers.

AOT stated that at present, six airports supervised by AOT have an increase in the number of passengers after the COVID-19 pandemic situation has unraveled and tend to keep increasing for Winter Schedule 2023.