News
Notification on AOT's revenues and expenses recognition
No.3087
14 May 2007
Subject: Notification on Airports of Thailand Plc. (AOT)'s revenues and expenses recognition
To: President of Stock Exchange of Thailand
According to the Council of State's opinion regarding the duty free contract between AOT and King Power Duty Free Plc. and commercial activities contract between AOT and King Power International Plc. at Suvarnbhumi Airport and other AOT's regional airports, the investments on these contracts are worth more than Baht 1,000 million. Therefore these contracts should come under the Public-Private Joint Venture Act.
In practice, these contracts have not followed the Public-Private Joint Venture Act. Consequently, any commitments between AOT and King Power should be invalid.
AOT's Audit committee has a resolution that AOT should recognize its revenues and expenses as if there were no activities between AOT and King Power Duty Free Plc. and King Power International Plc.
Please be informed accordingly.
Yours sincerely,
(Porntip Kanchanasat)
Vice President of Accounting Department
