Minor International Public Company Limited (SET: MINT) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
MINT reported a net profit of Baht 2,143 million in 3Q23, decreased 53.48% from the same period of last year. The decrease was mainly due to losses from hedging and derivatives recorded in the quarter, as opposed to foreign exchange gains of the previous year.
Despite a weak bottomline, MINT continued to report strong core performance in 3Q23 as the overall core revenue growth of 12% YoY, reaching Baht 39,887 million, as a result of business improvement in hotel and restaurant portfolios. Hotels in Europe, Latin America and Thailand experienced the benefits of sustained surge in travel demand and room rates. Restaurants, particularly in Thailand saw stronger performance due to a revival of dine-in business.
MINT reported core profit of Baht 2,273 million in 3Q23, a 13% YoY increase and a 76% advancement over the pre-pandemic level of 3Q19. All three business units generated positive profits, with Minor Food in the lead in terms of bottom-line growth benefiting from lower raw material costs and efficient promotional spending.
MINT’s owned and leased hotels portfolio (including NH Hotel Group) contributed 85% of core hotel & mixed-use revenues in 3Q23. The portfolio reported a YoY increase of 17% in system-wide revenue per available room (RevPar). Continuous strong travel demand was seen, elevating average room rates of hotels in Europe and Latin America, as well as Thailand. Compared to the 2019 level, RevPar surpassed pre-pandemic level by 30%, a testament to the effective pricing strategy of Minor Hotels.
Overall average occupancy rate rose from 69% in 3Q22 to 71% in 3Q23, inching closer to the 2019 level of 75%. Concurrently, average room rate surpassed both the previous year and pre- pandemic level by 8% and 25%, respectively. As a result, RevPar of owned and leased hotel portfolios in Europe and Latin America exceeded pre-COVID-19 figures by 19%.