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MD&A
  • 2017
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4Q16 and 2016 Performance

Minor International Public Company Limited (“MINT”) reported revenue growth of 19% in 2016, driven by growth of all business units. 4Q16 revenue declined slightly by 3% y-y, mainly due to higher non-recurring gain recorded in 4Q15. Excluding the non-recurring items (detailed in the table on page 3), core revenue increased by 19% in 2016 and 5% y-y in 4Q16.

While MINT’s reported net profit declined by 6% in 2016 and 62% y-y in 4Q16, its core net profit, excluding non- recurring items, declined by a lesser magnitude of 3% in 2016 and 25% y-y in 4Q16. The soft financial performance, particularly in 4Q16, was due to factors beyond MINT’s control, namely the mourning period in Thailand and the bad weather and floods in the south of Thailand in 4Q16, during its high tourist season, together with the softness of the hospitality industry in the Maldives and Brazil, as well as the economic slowdown and high competition of the restaurant sector in Singapore throughout 2016. In a move to reward its shareholders, MINT’s Board of Directors also proposed to pay cash dividend in the amount of Baht 0.35 per share. The dividend payment is subject to MINT’s shareholder approval at the Annual General Meeting of Shareholders to be held on April 4st, 2017.

Going into 2017, MINT has already seen signs of performance recovery both in Thailand, as the impact from the mourning period and the flood was temporary, and its key overseas markets, with improvement of macro conditions. In addition, the outlook of its mixed-use business, namely residential development and Anantara Vacation Club, appears more promising than the prior year. In fact, MINT experienced a delay in sale of three residential units in 4Q16, of which two units have already been sold and transferred in January 2017.

For fourth quarter performance, core revenue of restaurant business increased by 7% y-y in 4Q16, led by the robust growth of China hub and the additional revenue from the consolidation of Minor DKL in Australia. Hotel & mixed-use business reported core revenue growth of 4% y-y in 4Q16. The growth was led by stable growth of Oaks in Australia, the contribution of recently consolidated Tivoli portfolio in Portugal and the turnaround in sales growth of Anantara Vacation Club. 4Q16 revenue from retail trading & contract manufacturing was flat y-y. Although the retail trading business reported revenue growth, the contract manufacturing business still faced pressure from the soft performance of its key customers.

In 4Q16, hotel & mixed-use business accounted for 53% of total core revenue. Restaurant business contributed 40% of total core revenue, while retail trading and contract manufacturing contributed the remaining 7%.

Revenue Breakdown

Bt million 4Q16 4Q15 %Chg
As Reported      
Restaurant Services 5,621 6,897 -18%
Hotel & Mixed-Use 7,872 7,035 12%
Retail Trading & Contract Manufacturing 910 915 0%
Total Revenue 14,403 14,847 -3%
Core      
Restaurant Services 5,621 5,232 7%
Hotel & Mixed-Use 7,344 7,085 4%
Retail Trading & Contract Manufacturing 910 915 0%
Total Revenue 13,875 13,231 5%

 

 

Management Discussion and Analysis 2017
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4Q16 Performance
3Q16 Performance
2Q16 Performance
1Q16 Performance
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4Q15 Performance
3Q15 Performance
2Q15 Performance
1Q15 Performance
Management Discussion and Analysis 2014
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4Q14 Performance
3Q14 Performance
2Q14 Performance
1Q14 Performance
Management Discussion and Analysis 2013
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4Q13 Performance
3Q13 Performance
2Q13 Performance
1Q13 Performance
Management Discussion and Analysis 2012
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4Q12 Performance
3Q12 Performance
2Q12 Performance
1Q12 Performance
Management Discussion and Analysis 2011
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4Q11 Performance
3Q11 Performance
2Q11 Performance
1Q11 Performance
Management Discussion and Analysis 2010
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4Q10 Performance
3Q10 Performance
2Q10 Performance
1Q10 Performance
Management Discussion and Analysis 2009
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4Q09 Performance
3Q09 Performance
2Q09 Performance
1Q09 Performance
Management Discussion and Analysis 2008
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4Q08 Performance
3Q08 Performance
2Q08 Performance
1Q08 Performance
Management Discussion and Analysis 2007
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4Q07 Performance
3Q07 Performance
2Q07 Performance
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Management Discussion and Analysis 2006
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4Q06 Performance
3Q06 Performance
2Q06 Performance
1Q06 Performance