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MD&A
  • 2017
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1Q17 Performance

Minor International Public Company Limited (“MINT”) reported revenue of Bt 15,379m and net profit of Bt 1,924m in 1Q17, a growth of 11% and 17% respectively from 1Q16 core revenue and net profit (excluding non-recurring gain of Bt 1,932m from bargain purchase of Tivoli Hotels & Resorts). The remarkable growth was attributable to the outstanding performance of both hotel and restaurant businesses, including the strong performance recovery of Thailand operations after the mourning period in 4Q16.

In 1Q17, hotel & mixed-use business reported strong revenue growth of 19% from 1Q16 core revenue, attributable to the rebound in performance of Thailand and Brazil hotels following improving macro conditions, stable growth of Oaks in Australia and exceptional performance of real estate business. Restaurant business showed revenue growth of 3% y-y, led by the robust performance of Thailand and China hubs. Lastly, revenue from retail trading & contract manufacturing business was flat y-y in 1Q17. While the retail trading business saw revenue growth y-y in 1Q17, the contract manufacturing business was still affected by a temporary decline in orders from its key customers, who experienced sale slowdown from intensifying competition in the homecare and cleaning segment, together with the continued impact of the mourning period in Thailand.

In 1Q17, hotel & mixed-use business contributed 55% of total revenue. Restaurant business contributed 39%, while retail trading & contract manufacturing business contributed the remaining 6%.

Revenue Breakdown

Bt million 1Q17 1Q16 %Chg
As Reported      
Restaurant Services 6,028 5,841 3%
Hotel & Mixed-Use 8,388 9,010 -7%
Retail Trading & Contract Manufacturing 963 964 0%
Total Revenue 15,379 15,816 -3%
Core      
Restaurant Services 6,028 5,841 3%
Hotel & Mixed-Use 8,388 7,078 19%
Retail Trading & Contract Manufacturing 963 964 0%
Total Revenue 15,379 13,884 11%

 

 

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