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MD&A
  • 2017
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2Q17 Performance

Minor International Public Company Limited (“MINT”) reported revenue growth of 5% in 2Q17 and 8% in 1H17, while net profit increased by 24% in 2Q17 and 19% in 1H17, compared to 2Q16 and 1H16 core revenue and net profit (excluding non-recurring gain of Bt 1,932m from bargain purchase of Tivoli Hotels and Resorts in 1Q16 and gain of Bt 136m from changing status of investment in BreadTalk Group in Singapore, from available-for-sale investment to investment in associate, in 2Q16). The performance was attributable to the strength of MINT’s multi-brand portfolio, business diversification and operational excellence which enabled MINT to achieve growth of all business units despite challenging business environments.

In 2Q17, revenue of hotel and mixed-use business grew by 8% y-y, led by the remarkable performance of Thailand and Brazil hotels and strong momentum in sales of Anantara Vacation Club (AVC). Furthermore, the additional revenue from the consolidation of Zambia properties since July 2016 also contributed to the growth. Restaurant business showed revenue growth of 1% from 2Q16 core revenue, mainly supported by resilient performance of Thailand and MINT’s smaller development hubs like the Middle East and India, which helped offset slowdown in some of MINT’s overseas markets. Lastly, revenue from retail trading & contract manufacturing showed impressive growth of 16% y-y, attributable to growth of fashion and contract manufacturing businesses, together with additional revenue from the new retail brands.

In 2Q17, hotel & mixed-use business accounted for 49% of total revenue. Restaurant business contributed 44% of total revenue, while retail trading and contract manufacturing contributed the remaining 7%.

Revenue Breakdown

Bt million 2Q17 2Q16 %Chg
As Reported      
Restaurant Services 5,823 5,901 -1%
Hotel & Mixed-Use 6,613 6,099 8%
Retail Trading & Contract Manufacturing 919 794 16%
Total Revenue 13,355 12,795 4%
Core*      
Restaurant Services 5,823 5,766 1%
Hotel & Mixed-Use 6,613 6,099 8%
Retail Trading & Contract Manufacturing 919 794 16%
Total Revenue 13,355 12,659 5%

* Core operations exclude non-recurring gain on fair value adjustment of change in status of investment in BreadTalk Group in Singapore of Bt 136m in 2Q16.

 

 

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