Central Hotel profits surge in Q3

The company, however, posted a drop in net profit for the third quarter, to Bt3.9 million, due to Bt15.2 million extraordinary loss on impairment of land. Total revenue in the third quarter grew 15.5 per cent to almost Bt2 billion from Bt1.7 billion last year, with a 24.3-per-cent growth in hotel revenue of Bt809 million and a 10-per-cent growth in food revenue of Bt1.2 billion compared to the same period last year.

The rise in hotel revenue came from the success of its new hotel, Centara Grand and Bangkok Convention Centre at CentralWorld, and the reopening of five renovated hotels last year.

Overall hotel occupancy improved to 58.6 per cent along with the increasing average room rate of 6.7 per cent to Bt2,973 per room night.

Revenues from the food business grew 10 per cent to Bt1.2 billion from Bt1 billion last year. While earnings before taxes, interests and amortisation expenses from food declined 9.6 per cent to Bt132.7 million, due to the rising cost of raw material.

During the quarter, the number of outlets increased to 500, with the opening of 12 additional outlets. The company reported that same-store-sales remained positive at 0.7 per cent with total-system-sales growth of 9.4 per cent. KFC and Auntie Anne's remained the growth driver in the quarter.

Central Plaza Hotel tumbled to the lowest level in more than three years in Bangkok trading after profit fell.

The stock dropped Bt0.16, or 4.2 per cent, to 3.64, the lowest since July 2005.