Connect with us

Phuket

Laguna Resorts & Hotels Announces Record Results

Published

 on 

Laguna Resorts & Hotels Announces Record Results | Thaiger

BANGKOK: Laguna Resorts & Hotels, Thailand’s second largest public hotel company, which owns Laguna Phuket, announced a record year in 1998 against the background of the regional economic crisis. Revenues climbed to Baht 2.3 billion, up from last year’s 1.6 billion, an increase of 47%. This was largely due to increased revenues at the Laguna Phuket hotels, (Banyan Tree Phuket, Sheraton Grande Laguna Beach, Dusit Laguna and Laguna Beach Club), attributable roughly 50/50 between occupancy and average rate. The occupancy increase of some 10 points over 1997 followed substantial conversions from Bali during Indonesia’s internal crisis, plus considerable increases from hard currency markets such as Europe and Australia to whom Thailand now represents much better value for money than in recent years. Management of the company are quick to note, however, that the Tourism Authority of Thailand’s “Amazing Thailand” campaign was a major factor. James Batt, Joint Managing Director of Laguna Resorts and Hotels, describes this as “undoubtedly one of the most successful regional tourism campaigns ever introduced.” The conversion of rates to market currencies was a sensitive issue in Thailand following the unilateral announcement of some Bangkok hotels that they would be moving to US dollars. The Laguna Phuket team balanced the need to continue to improve the company’s profitability with market conditions, and moved a portion of its contracts into hard currencies. This involved careful negotiations with the tour and travel industry, and whilst it has resulted in a substantial increase in average rate measured in Thai Baht, hard currency rates are still lower than 1997. “This balance,” says Batt, “was a winning formula and it is a testament to our strong working relationship with these many and varied travel agents that quiet negotiations were so successful. They have resulted not only in a record year for 1998, but serve as a solid base for 1999.” Profitability of the company rose to Baht 209 million from a loss in 1997 of Baht 571 million. Earnings per share were Baht 2.47 compared to a loss per share of Baht 6.75 the previous year.

 

Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Follow Thaiger by email:

Expats13 mins ago

Pattaya visa legend suddenly dies of cancer

Tourism13 mins ago

Transport officials expect tens of thousands of bus travellers in Thailand during three-day weekend.

Phuket1 hour ago

Chinese tourist found dead in Phuket

Sponsored7 hours ago

Where you can get cannabis in Bangkok

Crime1 hour ago

Overstaying former pro footballer arrested for hawking lottery tickets in Thailand

Thailand1 hour ago

Twitter investigation discovers mass censorship & blacklisting under previous regime

Thailand2 hours ago

Brief history of the Japanese Onsen in Thailand

Join the conversation on the Thaiger Talk forums today!
Patong2 hours ago

Officials say no to floating lanterns and fireworks on Patong Beach

Protests2 hours ago

Teen protestor claims police harassment

Thailand3 hours ago

Thailand’s Full Moon Party attracts 12,000 tourists

Media3 hours ago

License to own unicorn issued by LA animal care authority

Hot News3 hours ago

Eight celebrities to join Japanese tycoon in space venture around the moon

North East4 hours ago

In northeast Thailand, a pretty camping site is being offered for free

Weather4 hours ago

Flash flood warning issued for 9 provinces in southern Thailand

Business4 hours ago

No link between phishing and Shopee transfer scam

Crime5 hours ago

From soapy king to supersleuth, Chuwit’s rehabilitation

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending