Financial Performance Year 2008, Increase more than 20%
Ref. No.9098 28 November 2008
Re: Notification of information regarding an increase of more than 20% on financial performance for the fiscal year 2008 ended September 30th, 2008 compared with the same period of previous year
Attn: President, The Stock Exchange of Thailand
According to the Stock Exchange of Thailand (SET)'s regulation, any listed companies with deviation on financial performance on yearly basis more than 20% will have to provide detailed explanation for such deviation.
For the fiscal year 2008 (FY2008), starting October 1st, 2007 - September 30th, 2008, Airports of Thailand Public Company Limited and its subsidiaries (AOT) reported total operating revenues of Baht 22,010.87 million, total operating expenses of Baht 18,515.89 million, operating income of Baht 3,494.98 million, profit before interest, income tax expenses and minority interests of Baht 11,324.49 million and net profit of Baht 7,321.05 million which was an increase of Baht 6,231.29 million or a 571.80% compared to the net profit of fiscal year 2007 of Baht 1,089.76 million.
This increase was mainly due to the result of the Temporary Injunction by the Civil Court on January 31st, 2008 and April 25th, 2008. The Civil Court had issued a Temporary Injunction for the disputed case between AOT and two private companies who obtained concessions for managing duty free business and commercial business. Temporary Injunction stated that AOT should allow the private companies to continue their operations only on the space that the private companies had occupied before the issue of the Temporary Injunction.
Hence, the private companies should compensate AOT as stipulated in the contract signed between AOT and the private companies. Thereafter, the court rules that this contract is a non-binding contract, this amount should be addressed as compensation for damages incurred to AOT. Therefore, AOT has recognized the compensation for damages in the amount of Baht 8,331.54 million in FY2008, which caused the net profit of FY2008 to go up more than 20% compared to net profit of the previous year.
Please be informed accordingly.
Executive Vice President (Planning and Finance)