NH Hotel Group SA, a subsidiary of Minor International Public Company Limited (MINT), has reported a net loss of €437 million (approx. US$532 million), plunged from a net profit of €90 million in 2019. The decrease was mainly due to its historic low demand, caused by the coronavirus outbreak where Europe was one of the hotspots of this pandemic, especially in March and April.
RevPAR fell by 72.2% from 73.50 in 2019 to 20.50 in 2020, explained by the historically low level of occupancy since late February in all regions, partly explained by the closure of the portfolio in Q2 and a lower level of activity in Q4. Average Daily Rate (ADR) dropped by 20.2% from €102.6 to €81.9 due to the absence of the corporate segment and high-demand events. Meanwhile, occupancy rate also dropped by 65.1% from 71.6% to 25.0%.
MINT, as a major shareholder of NH Hotel at a portion of 94.1%, has its hotel & mixed-use business accounted for 60% of core revenue, while restaurant services accounted for 34%.
MINT closed the morning session at ฿31.25/share, increased ฿0.75/share or 2.46% with a trading value of 490 million baht.