Dusit Thani Public Company Limited (DUSIT) has announced its first quarter performance of 2023 (January-March), including total quarterly revenue of 1,717 million baht - 588 million baht higher than the 1,129 million baht reported in 1Q22, representing a 52.1% YoY increase.
These results were driven by the return of international tourism, high-season travel, and the significant growth of DUSIT's food business.
Successfully adjusting revenue per available room (RevPAR) to meet strong room demand, DUSIT recorded its highest average hotel room revenue since the start of the Covid-19 pandemic three years ago. In 1Q23, hotel revenue was 634 million baht, an 88% increase on the same period of last year, when 1,192 million baht was reported.
Food Business generated revenue of THB 307 million in 1Q23, up by THB 165 million or 116.2% YoY from the 142 million baht reported in 1Q22. This mainly came from DUSIT's international school catering business and the baking factory and franchise business that the company invested in as part of its strategy for expansion and diversification in mid-2022.
In 1Q23, the company had a core profit of 11 million baht. This figure is significantly higher than the core loss of 126 million baht during the same period of last year and the core loss of 107 million baht from the previous quarter. This resulted in a net profit of 8.63 million baht in 1Q23. Core EBITDA was THB 356 million in 1Q23, an increase of 69.5% YoY and 44.4% QoQ.
DUSIT is optimistic about its performance in 2023. The continued recovery of the tourism sector is expected to boost revenue in hotel business, while food business is set to continue its growth. DUSIT will leverage these opportunities to contribute to the overall stability of the company this year.
Source: i2C Communications