Airports of Thailand 2007/2008 net profit surges

BANGKOK, Dec 1 - Airports of Thailand PCL <AOT.BK> (AOT), Thailand's main airport operator, reported a jump in 2007/2008 net profit on Monday, due mainly to a one-off gain relating to a contract dispute.

It made no reference in its statement to the current situation at Bangkok's two airports, where all flights have been halted for several days by anti-government protesters.

AOT said it made a net profit of 7.28 billion baht ($205 million), or 5.12 baht per share, in its financial year to Sept. 30, versus 1.05 billion baht a year earlier.

Ten analysts polled by Reuters Estimates had forecast an average net profit of 6.7 billion baht.

Many analysts recently cut earnings forecasts for the company because of political instability, which was hurting business confidence and tourism even before the events at the airports, and high crude oil prices earlier this year.

The airport operator is expected to receive compensation of as much as 7 billion baht from duty-free firm King Power after winning a case over a contract at Bangkok's Suvarnabhumi airport, analysts said. ($1=34.98 Baht)