MINT’s Profit Plunges 66% to ฿583M, Due to the Core Earnings Loss From NH Hotel Group

Minor International Public Company Limited (MINT) has reported its 1Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

In 1Q19, net profit for MINT was THB 583.14 million, a decrease of 66.08% when compared to the net profit in the amount of THB 1,719.23 million in the first quarter of 2018.
MINT’s core profit decline was also mainly attributable to the contribution of core earnings loss from NH Hotel Group in the quarter due to European business low seasonality. Although NH Hotel Group reported net loss during the quarter, the loss has improved by 37% y-y. Excluding the consolidation of NH Hotel Group, organic core earnings declined by only 8% in 1Q19, compared to the same period last year.