Thailand, where tourism historically accounts for 12% of GDP, took the full force of the COVID-19 pandemic.
But measures belatedly taken by the government have enabled Airports of Thailand (AoT), the biggest operator and one which is in the process of expanding from six to nine airports, to publish financial statements that at least document a steadying of the boat financially.
Originally a state enterprise, AoT was corporatised in 2002. A subsequent partial IPO (30%, institutional and retail investors) was held in 2004, the state retaining 70% through the Ministry of Finance.
AoT’s results are released against the back drop of Thailand’s slow emergence from the COVID-19 pandemic and the associated lockdowns and travel restrictions.
The problem is that the company has started to increase revenues and narrow its losses just as the main tourist season ends, placing an onus on the Tourist Authority to find new markets, quickly.
