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Asia Hotel swings to profit in Q4

Asia Hotel Public Company Ltd said its normalized net income for the fourth quarter came to 2.26 baht per share, compared with a loss of 1 satang per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 72.3 million baht, compared with a loss of 442,550 baht in the prior-year period.

The normalized profit margin climbed to 18.0% from negative 0.1% in the year-earlier period.

Total revenue totaled 326.7 million baht, compared with 326.7 million baht in the prior-year period, and total operating expenses decreased 27.9% on an annual basis to 191.6 million baht from 265.6 million baht.

Reported net income increased on an annual basis to 115.8 million baht, or 3.62 baht per share, from 28.5 million baht, or 89 satang per share.

For the year, the company's normalized net income totaled 7.85 baht per share, a gain of 67.1% from 4.70 baht per share in the prior year.

Normalized net income was 251.2 million baht, a gain of 67.1% from 150.3 million baht in the prior year.

Full-year total revenue grew 12.7% year over year to 1.36 billion baht from 1.21 billion baht, and total operating expenses came to 922.7 million baht, compared with 913.8 million baht in the prior-year period.

The company said reported net income increased 80.5% on an annual basis to 361.1 million baht, or 11.28 baht per share, in the full year, from 200.0 million baht, or 6.25 baht per share.

As of Feb. 29, US$1 was equivalent to 35.64 baht.