THAILAND. Airports of Thailand (AoT) has reported a +571.8% surge in net profits to THB7.3 billion (US$204.4 million) for fiscal year 2007/08 (to 30 September). The huge leap in profits came after it booked income due to it from King Power, with which it has been in dispute for much of this year over the retailer’s master commercial and duty free contracts at Bangkok Suvarnabhumi Airport. As reported last week, a settlement of the dispute is now imminent.
In March AoT decided to terminate both contracts over alleged irregularities. The decision was based on the fact that each of the two contracts was worth more than THB1 billion, and therefore should have been approved under the Public-Private Joint Venture Act. That decision has been the subject of legal dispute for most of this year, though it is now close to a final resolution. The figure booked by AoT from King Power was THB8.3 billion (US$232.4 million).
AoT’s operating revenues for the year were THB22 billion (US$615.9 million), up +12.8% on 2007. Non-aeronautical revenues were THB6.9 billion (US$193.2 million), up +9% on a year earlier.
Within this figure Concession Revenues grew by +14% to THB2.3 billion (US$64.4 million) while Service Revenues (including car parking and hotel income) rose by +12% to thB3.1 billion (US$86.8 million).
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