BAFS sees refuelling volume rising 5.7%

Pugdee Manaves, deputy managing director of Bangkok Aviation Fuel Services, discusses the company's financial performance at an analysts' briefing at the SET yesterday.

Bangkok Aviation Fuel Services Plc (Bafs), the country's largest jet-refuelling service provider, expects its service volume to grow by 5.7% to 4.88 billion litres in 2008 from 4.60 billion litres this year in line with the rising number of flights.

Of the total projected volume, 243 million litres would be filled at Don Mueang Airport next year, compared to 177 million litres this year, said Chathaya Bandhaya, finance and accounting manager for Bafs.

Bafs' revenue in 2007 has been estimated at 1.6 billion baht, compared with 1.53 billion baht last year.

Mr Chathaya said Bafs would invest 30 million baht in 2008 on par with its normal capital expenditure pattern.

However, it would be required to invest 300 million baht more in the construction of two fuel tanks with storage capacity of 15 million litres each in 2010 if Airports of Thailand Plc (AoT) decides to move forward with an expansion programme for Suvarnabhumi Airport.

Since the company had a full range of facilities at both airports, even if AoT decided to relocate all flights of less than six hours to Don Mueang Airport, Bafs would not be significantly affected, said Pugdee Manaves, the deputy managing director for Bafs.

According to Dr Pugdee, its jet-fuel storage capacity at Don Mueang Airport was between 15 to 20 million litres but the actual consumed volume was only 500,000 or 600,000 litres per day.

''Our storage capacity at the old international airport is more than enough to cope with rising demand if the plan materialises,'' said Dr Pugdee.

Dr Pugdee said AoT was expected to conclude the plan soon because its second phase at Suvarnabhumi was delayed already and the first phase was reaching its capacity.

Bafs and its subsidiaries reported that total revenue increased 72.4% to 545.6 million baht in the third quarter from 316.5 million baht in the same period last year. Net profit grew 38.1% to 150 million baht from 108.6 million baht while net profit margin declined to 27.5% from 34.3% in the same period last year.

For the first nine months of the year, Bafs had a net profit of 465.69 million baht, an increase of 38% from 336.69 million in the same period last year.

Bafs shares closed yesterday on the Stock Exchange of Thailand at 10.90 baht, unchanged, in trade worth 10.9 million baht.


Source: Bangkok Post by Aranee Jaiimsin
Wednesday November 28, 2007