S Hotels and Resort PCL (SET: SHR) reported its financial result on 9 November which details the following.
| Quarter | 3Q23 | 3Q22 |
| Net Profit (Loss) Million Baht |
15.01 | 207.48 |
| Earning Per Share (Baht) |
0.0040 | 0.0580 |
| % Change | -92.77 | |
| 9 Months | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
22.67 | -93.48 |
| Earning Per Share (Baht) |
0.01 | -0.03 |
| % Change | 124.25 | |
SHR reported the net profit for 3Q23 at THB 15 million, a decrease of 92.77% YoY, due to 14.9% YoY increase of selling expenses to THB 109.5 million and 12.2% YoY increase of administrative expenses to THB 487.3 million, as well as 30.5% YoY increase of financial costs to THB 303.6 million, resulting in a reduced net profit margin.
SHR reported total revenue from services at THB 2,401 million, increasing 2% YoY despite the temporary shutdown of the Outrigger Mauritius beach resort throughout Q3 and the temporary closure for renovations of certain sections of two hotels in Thailand since May, as well as a hotel in the Republic of Fiji.
Nevertheless, the onset of the high season for the SHR’s properties in Fiji and those within the UK portfolio led to an improvement in the average occupancy rate and the Average Daily Rate (ADR), which mitigated the impacts as mentioned above.
The overall average occupancy rate of SHR’s portfolio increased to 69% in 3Q23 up from 68% in 3Q22. The ADR across the portfolio for 3Q23 also rose to THB 5,601 compared with THB 5,134 in 3Q22. SHR reported a growth in gross profit of 2% YoY, which is in alignment with the increase in revenue from services.
