DTC Reports a Loss of ฿1.01Bn in 2020 as a Significant Drop of Revenue from Covid-19

Dusit Thani Public Company Limited (DTC) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

For the year 2020, DTC reported a net loss of THB 1,011 million compared to a net profit of THB 320 million in 2019. The loss in 2020 came mainly from a significant drop of revenue from COVID-19 pandemic since the beginning of the year that hit the company’s performance since the end of 1Q20 and 2Q20. To alleviate the impact of declining revenue, the Company revisited business plan and reshaped organization structure as aforementioned to enhance operational efficiency and reduce costs in the longer term.

 

Despite a significant drop in performance YoY, DTC’s quarterly results showed improvement QoQ since 3Q20 and continued to 4Q20 in hotel, education, and food business as expected. Hotel revenue increased QoQ driven by hotel re-openings and better occupancy rate and ADR. Education revenue grew from rising demand on courses at Dusit Thani College and Le Cordon Bleu Dusit Culinary School. Food revenue boosted from Epicure Catering’s acquisition in The Caterers in Vietnam as planned. The Company’s EBITDA improved QoQ thanks to higher revenue and partially from cost containment since the end of 1Q20.

 

As of 31 December 2020, DTC’s total liabilities were THB 17,701 million, increased by THB 9,369 million or 112.4% from the total liabilities as of 31 December 2019.