Central Plaza Hotel Plc (Centel), the operator of Centara Hotels and Resorts and its food business, reported revenue of 4.34 billion baht in the second quarter of 2022, a year-on-year increase of 61%.
The proportion of total revenue between the hotel business and the food business is now at 33% and 67%, respectively.
The firm attributed its revenue growth to Thailand's reopening and the lifting of measures to curb the spread of Covid-19.
Its second-quarter earnings before interest, taxes, depreciation and amortisation (Ebitda) stood at 992 million baht, a rise of 228% compared to the corresponding period last year.
The Ebitda margin of 23% was also higher than the level recorded in the previous year.
The company recorded a net profit of 22 million baht, compared to a net loss of 607 million baht last year.
Centel's hotel business benefited from Thailand's hotel recovery, which was boosted by the leisure travel and Mice (meetings, incentives, conferences, and exhibitions) market.
Although the Maldives was in the low season in the second quarter, its operating performance showed a year-on-year improvement.
On average, revenue per available room (RevPAR) increased by 474% year-on-year to 2.1 billion baht, as a result of the occupancy rate rising from 12% in the second quarter of 2021 to 49% in the second quarter of this year.
The average room rate increased by 39% year-on-year to 4,472 baht.
As for the food business, falling Covid-19 infections and the lifting of pandemic restrictions have boosted consumers' confidence and led to the return of dine-in traffic at restaurants.
Same-store sales increased by 19% compared to the same period last year. And together with outlet expansion growth, total system sales increased by 25% year-on-year.
While the pandemic seems to be having less impact on business, Centel said some negative factors might affect future performance, such as the uncertain global economic recovery, rising airfares, and the higher cost of raw materials, particularly in US dollars, alongside rising interest rates.
For the hotel business, Centel targets an occupancy rate in 2022 of 45-50%. RevPAR would then stand at 1,900 to 2,200 baht.
In the food business, the company targets year-on-year same-store sales growth of 10-15%, and year-on-year total system sales growth of 20-25%.
Centel expects to see a 200-250 net increase in its number of outlets.
Centara Hotels and Resorts manages a total of 91 hotels, or 19,149 rooms, as of June 30, 2022.
