Airports of Thailand Pcl. (SET: AOT) has reported its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q22 | 1Q21 |
| Net Profit (Loss) Million Baht |
311,840 |
247,054 |
| Earning Per Share (Baht) |
0.10 |
0.08 |
| % Change | 26.2% | |
BAM’s net profit in first quarter 2022 stood at THB 311.84 million an increase of 26.2% YoY.
In first quarter 2022, the company has total interest income of Baht 2,151 million, decreasing by 16. 8% qoq and increasing by 0. 7% yoy, mainly due to interest income on loans purchased of receivables – part of amount received, Baht 493 million in Q1/ 2022, increased by 3.6% qoq and 59.0% yoy. This is partly because the COVID-19 pandemic has been less severe since the second half of 2021.
The Company recognized interest income on loans purchased of receivables on accrual basis and has an interest income on loans purchased of receivables – part of accrued of Baht 1,020 million in Q1/ 2022. However, the Company also recorded expected credit losses on the interest income on loan purchased of receivables – part of accrued in accordance with the Company’s performance.
During the period ended March 31, 2022, the company has gain on sale of properties for sale (outright sale) of Baht 411 million, decreasing by 61. 6% qoq and 30. 2% yoy. When compared to the same period of the previous year and the preceding quarter, the Company made less outright sales, and the proportion of the acquisition cost was higher – so less profit was recognized.
In this quarter, the company has gain on installment sale of Baht 78 million, increasing by 44.4% qoq and 116.7% yoy. In Q1/2022, the Company recorded more gain on installment sale as this type of sale saw an improvement, resulting from strategies and promotions.
Expected Credit Loss: The company adopted the impairment of financial assets with credit impairment according to the new accounting policy which has been applied since January 1, 2020. For the three-month period ended March 31, 2022, the Company recorded the expected credit losses of Baht 1,058 million mainly because the Company recorded the expected credit losses for “loans purchased of receivables” of Baht 1,061 million, divided into loans purchased of receivables – accrued interest receivables of Baht 1,020 million and additional expected credit losses from impairment of loans purchased of receivables of Baht 41 million.
