Thailand Company News

HMPRO approves interim cash and stock dividend

According to the meeting of the board of directors of HMPRO held on August 27, 2009. The resolution to propose to the shareholders’ meeting to consider paid dividend by ordinary shares in the ratio of 10 current shares per 9 dividend shares, not exceeding in total of 1,756.62m shares, or Bt1,756.62m or shall be converted to be Bt0.9 per share. Paid dividend by cash at the rate of Bt0.10 per share, or not exceeding in total of Bt195.18m. In combination of the stock dividend and the cash dividend shall be paid at the rate of Baht 1 per share. All dividend shall be deducted for the withholding tax at the rate stipulated by law.

AOT reported earning performance in 3Q09 (ended in Jun 2009)
with net profit of B1.31bn, down 64%yoy because in the same
period last year the company had special income from backward
recognition of revenue from King Power that was suspended in
2007 around B1.6bn. However, the earning result was better
than our forecast as a reversal of loss on impairment of unused
land at Suvarnabhumi Airport in an amount of B971m in this
quarter was beyond our expectation. Meanwhile, a substantial
appreciation of Thai Baht from the previous quarter helped
support AOT which possessed yen-denominated debt to have
gain on foreign exchange around B260m, up from only B25m in
3Q08 (ended in Jun 2008). However, norm profit fell
dramatically beyond our projection to B81m, plummeting
96%yoy as a result of the outbreak of H1N1 influenza which
lowered passenger numbers and flight traffics by 14.2%yoy and
11.3%yoy respectively. Furthermore, the measures for aiding
airlines and business operators at all airports under AOT’s
supervision from consequences of the airport closure, such as a
20% cut in landing fee, which will be effective until 4Q09 (ends
in Sep 2009), depressed operating income by 31%yoy. At the
same time, other expenses are likely to remain flat from the
prior year as major expenses, depreciations and personnel
expenses, are quite stable.
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