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Published on February 11, 2008

The new firm was set up six months ago with registered capital of Bt4 million. It is the fourth business unit under the group's portfolio, following a financial brokerage company, the hotel and the theatre.

Suttikorn Jearpaitoon, managing director of UFO and the theatre, said the firm is providing facilities for big meetings and events. It is targeting companies located in the Eastern Seaboard industrial areas as well as in Bangkok.

"We already have the theatre, with 2,000 seats and a restaurant that can accommodate up to 1,000 people. UFO is complementary to both the theatre and the restaurant," said Suttikorn.

The group aims to earn revenue of Bt50 million this year from the new unit. The group plans to go to India soon to promote the theatre and discuss with big companies the opportunity to hold their meetings in Thailand. India is another emerging market for the group, after China, Korea, Hong Kong, Taiwan and Vietnam.

According to Suttikorn, the theatre has been performing under projected estimates for three years since its opening. It targets 40,000 visitors a month, but is getting only 20,000-30,000, so that revenue is missing projections.

In 2005, the theatre opened and contributed revenue of Bt100 million, rising to Bt120 million in 2006 but then dropping to Bt100 million last year due to the economic slowdown and the return of many tourists to the South after the recovery from the 2004 tsunami.

However, the operator is targeting revenue of Bt150 million this year.

The group decided to halt the development of a hotel and convention hall that were planned for a vacant plot of land next to the theatre and supposed to start in 2007.

The hotel project was set for four-star level, featuring 400 rooms while the convention hall was designed for 1,000 guests.

Supawan Tanomkieatipume, executive assistant manager of the Twin Towers Hotel, said the group would spend Bt100 million this year for new equipment. Last year, the hotel spent Bt70 million for renovating and upgrading rooms. The hotel is aiming for an average occupancy rate of 81 percent, up from 79 percent in 2007. Seventy percent of the guests are Asian and 30 per cent European.

"As a tourist hotel, we are maintaining our level of guests from these countries. We also expect business to be good throughout the year because the political situation is now settled," said Supawan.

Suchat Sritama

The Nation