Symphony International Holdings’ portfolio company, Minor International Pcl (MINT), has posted strong full year results for 2011.
MINT saw year-on-year profits soar by 133% to 2,880 million baht, despite the disruption caused by some of the worst flooding on record in Thailand and the uncertain global economy.
The profit growth has been attributed to an improvement in the performance of MINT’s hospitality and restaurant businesses and a 1 billion baht extraordinary gain following the reclassification of an investment in the S&P restaurant and bakery business during the third quarter. However, MINT’s core net profit still grew by 55% even when the S&P gain and a one-off goodwill impairment for an investment in China are excluded.
Anil Thadani (pictured), Symphony’s founder and investment adviser, says: “MINT has seen a year of exceptional growth despite the global economic uncertainties, volatility in financial markets and the widespread flooding in Thailand. These results validate our strategy of investing in fast growing consumer businesses in Asia to provide superior long-term capital growth for our investors.”
