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MD&A
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1Q18 Performance

Minor International Public Company Limited (“MINT”) reported revenue growth of 5% y-y in 1Q18, driven by growth of all three business units:

  • Minor Hotels delivered 6% revenue growth from the strong performance of its hotel operations both in Thailand and overseas.
  • Minor Lifestyle achieved 17% revenue growth from positive momentum in sales of its retail portfolio.
  • Minor Food maintained revenue growth of 1% on the back of resilient restaurant operation in Thailand, despite the adverse impact from MINT’s strategic outlet closures to streamline operations of its overseas restaurant business.

MINT reported EBITDA of Bt 3,440m in 1Q18, a 9% decrease from 1Q17 EBITDA, primarily because of (1) the increase in cost of sales and selling and administrative expenses of the hotel and mixed-use business, partly from the consolidation of Corbin & King (C&K) and preparation for future growth, (2) the impact of foreign exchange translation with the strengthening of the Thai Baht and (3) the timing mismatch of mixed-use revenues recognition in the quarter, compared with the same period last year. Nevertheless, EBITDA of organic hotel operations recorded an outstanding growth of over 20% y-y on the back of favorable tourism trend in MINT’s key operating markets and its effective revenue management. At the same time, EBITDA of retail trading business showed a 10% increase y-y from the robust performance of MINT’s retail brands and Minor Smart Kids.

In 1Q18, MINT reported net profit of Bt 1,719m, a 11% decline from 1Q17 net profit of Bt 1,924m, due mainly to the same reasons for the decline in EBITDA mentioned above. Excluding the impact of foreign exchange, 1Q18 net profit is estimated to have declined by a lower magnitude of only 3%, compared to the same period last year. Nevertheless, profit of organic hotel operations grew impressively by over 40% y-y, while net profit of serviced suites business under Oaks, as well as restaurant and retail trading & contract manufacturing businesses showed y-y improvement as well in 1Q18.

Consequently, EBITDA margin declined from 24.6% in 1Q17 to 21.3% in 1Q18, while net profit margin contracted from 12.5% in 1Q17 to 10.6% in 1Q18.

Revenue Breakdown

Bt million
1Q18
1Q17
%Chg
Contribution
Restaurant Services
6,085
6,028
1%
38%
Hotel & Mixed-Use
8,929
8,388
6%
55%
Retail Trading & Contract Manufacturing
1,130
963
17%
7%
Total Revenue
16,145
15,379
5%
100%


EBITDA Breakdown

Bt million
1Q18
1Q17
%Chg
Contribution
Restaurant Services
1,123
1,138
-1%
33%
Hotel & Mixed-Use
2,245
2,574
-13%
65%
Retail Trading & Contract Manufacturing
72
65
10%
2%
EBITDA Breakdown
3,440
3,777
-9%
100%
EBITDA Margin
21.3%
24.6%


Net Profit

Bt million
1Q18
1Q17
%Chg
Total net profit
1,719
1,924
-11%
Net Profit Margin
10.6%
12.5%

 

 

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