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Thailand’s Minor expects 15% revenue rise in 2008

August 19, 2008

Thailand’s Minor expects 15% revenue rise in 2008
Minor International, Thailand’s largest listed hotelier and fast food franchise firm, expects its annual revenue to rise 15 percent from last year’s 13.5 billion baht ($399 million), said Reuters on Monday.

Reuters quoted the company’s financial chief Pratana Manomaipiboon as saying that the Minor attributed the revenue rise to the domestic and overseas expansion of its core hotel and food businesses.

“We’re looking at revenue growth for this year of 15 percent,” Pratana said, adding the target was a conservative estimate. “For net profit, we aim for an annual 20 percent rise over the next five years,” she added.

Last year, the company posted its total revenue of 13.5 billion baht ($399 million) and net profit of 1.6 billion baht.

Minor planned to invest 17 billion baht over the next five years, with 6 billion baht this year, and was studying a plan to sell a property fund worth at least 3 billion baht, Pratana said.

The company has delayed raising funds -- by issuing bonds as well as selling the property fund -- several times due to unfavourable market conditions. It now plans to use cash to fund investment this year.

It was looking to open and acquire new hotels and increase its food outlets at home and overseas, including China, by 130 to 1,000 by the end of this year, Pratana said.

It newly acquired, 70 percent owned Thai Express, the Singapore-based chain that operates 40 Thai, Japanese and Western restaurant in Singapore, and the opening of 53 new food outlets helped boosted its revenue in the first half.

Minor runs 16 hotels under the Four Seasons, Marriott and Anantara brands in Thailand, Sri Lanka, Vietnam and the Maldives and owns food franchises including Burger King, Dairy Queen, Swensen’s and Sizzler.

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