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MD&A
  • 2017
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3Q17 and 9M17 Performance

Minor International Public Company Limited (“MINT”) reported y-y revenue growth of 7% in 9M17 and 3% in 3Q17, while core net profit increased by 18% in 9M17 and 15% in 3Q17 y-y, compared to 9M16 and 3Q16 core revenue and net profit. In 9M16, MINT recorded non-recurring items as required under Thai Generally Accepted Accounting Principles (Thai GAAP), which are detailed in Notes to EBITDA Breakdown Table for nine-month period on page 2.

Despite market headwinds across its key markets, MINT was once again able to maintain operational resiliency and achieved earnings growth of all three business units, supported by its successful business diversification strategy, operational excellence and disciplined cost control.

In 3Q17, revenue of hotel and mixed-use business grew by 5% from 3Q16 core revenue, driven by the robust performance of Thailand hotels and Tivoli-branded portfolio in Brazil and Portugal, together with the strong momentum of sales of Anantara Vacation Club (AVC). Retail trading & contract manufacturing showed impressive growth of 24% y-y, attributable to the organic growth of fashion and contract manufacturing businesses, together with additional revenue from the new retail brands. Revenue of restaurant business showed a slight decline of 2% y-y, mainly as a result of the portfolio rationalization of Singapore hub, which closed down non-performing stores in the midst of challenging business environment.

In 3Q17, hotel & mixed-use business accounted for 53% of total revenue. Restaurant business contributed 40% of total revenue, while retail trading and contract manufacturing contributed the remaining 7%.

Revenue Breakdown

Bt million 3Q17 3Q16 %Chg
As Reported      
Restaurant Services 5,693 5,794 -2%
Hotel & Mixed-Use 7,571 7,329 3%
Retail Trading & Contract Manufacturing 1,037 836 24%
Total Revenue 14,300 13,959 2%
Core*      
Restaurant Services 5,693 5,794 -2%
Hotel & Mixed-Use 7,571 7,237 5%
Retail Trading & Contract Manufacturing 1,037 836 24%
Total Revenue 14,300 13,867 3%

* Core operations exclude non-recurring gain of Bt 92m from changing status of investment in some of the Oaks properties.

 

 

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