Airports of Thailand (AOT) Surges with 1,231% Profit Jump in Q1 Fiscal 2024

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Airports of Thailand (AOT) Plc announced robust financial results for the first quarter of fiscal 2024 (October-December 2023), recording a staggering profit surge of 1,231% compared to the corresponding period last year. The airport authority reported a profit of 4.56 billion baht, a substantial increase from 342.77 million baht in the same period last year.

The notable profit boost was attributed to a significant uptick in revenue across both aviation and non-aviation sectors. According to Chenwit Musikarat, AOT’s executive vice president for accounting & finance, the total revenue from sales and services soared by 78% year-on-year, reaching 6.88 billion baht.

The key contributors to this revenue growth include:

  • A substantial increase in aviation revenue, totaling 2.72 billion baht, marking a 62.64% rise, propelled by heightened flight operations and passenger numbers.

  • A remarkable surge in non-aviation revenue, reaching 4.15 billion baht, reflecting a remarkable 92.96% increase.

  • Other revenue streams witnessed a notable uptick, rising by 70.09% to 33.68 million baht.

However, total expenses experienced a moderate uptick of 21.51%, amounting to 1.64 billion baht. This increase was primarily attributed to depreciation and amortization costs, escalated employee benefits, external fees, and maintenance and repair expenses.

Conversely, AOT managed to reduce its financial costs by 4.96%, totaling 36.15 million baht.

The robust financial performance follows AOT's impressive turnaround reported in November last year, where the company reversed losses of 11.09 billion baht incurred in the same period the previous year. This remarkable reversal was primarily fueled by the resurgent aviation revenue, which soared to 22.27 billion baht, marking a substantial 205% increase, buoyed by the recovery of the global aviation industry.

The exceptional financial results underscore AOT's resilience and adaptability amidst challenging operating conditions, signaling a promising trajectory for the airport authority in navigating the dynamic aviation landscape.

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