AOT Reports a ฿2.9Bn Net Loss in 3Q20 after Recording a 91% Decline in Sales!

Airports of Thailand Public Company Limited (AOT) has reported its consolidated financial statement of 3Q20, ending June 30, 2020, through the Stock Exchange of Thailand as follows;

AOT reported a net loss for its 3Q20, ending June 30, 2020, at 2,933 million baht, compared to a net profit of 5,883 million baht in the same period of last year and a net profit of 3,647 million baht in the previous quarter. The losses in 3Q earnings were mainly due to the closure of air traffic due to the coronavirus outbreak, causing AOT to significantly lose its revenue.

 

Revenues from sales or services decreased by Baht 13,795.43 million or 91.27% due to the outbreak of Coronavirus Disease 2019 (COVID-19). This led to the number of flights and passengers in six airports decreased by 88.69% and 95.73% respectively. This resulted to decrease in aeronautical revenue by Baht 8,110.38 million or 97.46% because departure passenger service charges dropped. Moreover, non-aeronautical revenue decreased by Baht 5,685.05 million or 83.69%. The main reason was a decrease in concession revenues, resulting from the assistance measures for operators at the six airports under AOT’s responsibility in the period affected by COVID-19.

 

Total expenses decreased by Baht 2,758.78 million or 33.54%. The significant decrease came from the employee benefit expenses decreased by Baht 970.43 million due to AOT did not setup accrued bonus and outsourcing expenses decreased by Baht 791.37 million due to the decrease in advance passenger checking service (APPS) paid to service provider. In addition, there was a decrease in state property rental by Baht 652.66 million, utilities expenses by Baht 265.57 million, depreciation and amortisation expenses by Baht 187.46 million. Moreover, financial costs also decreased by Baht 42.71 million. On the other hand, repairs and maintenance increased by Baht 145.37 million.