-Translation-
LOXLEY/CS/012/2024
14 November, 2024 | |
Subject: | Clarification of the change in net profit in the consolidated financial statement exceeding |
20% compared to the same period of the previous year for Loxley Public Company | |
Limited for the third quarter ended 30 September, 2024. | |
To: | President |
The Stock Exchange of Thailand |
Loxley Public Company Limited ("the Company") has submitted the consolidated financial statements for the third quarter ended 30 September, 2024, which could be summarized as follows:
Quarter 3 | Change | |||||||||||
THB:Million | 2024 | 2023 | MB | % | ||||||||
Revenue from sale of goods and rendering of services | 2,990 | 2,883 | 107 | 4% | ||||||||
Cost of sale of goods and rendering of services | (2,494) | (2,480) | 14 | 1% | ||||||||
Gross profit | 496 | 403 | 93 | 23% | ||||||||
Distribution costs and administrative expenses | (505) | (446) | 59 | 13% | ||||||||
Other income and loss on fair value adjustment-net | 9 | 17 | (8) | (45%) | ||||||||
Profit (loss) from operating activities | 0 | (26) | 26 | >100% | ||||||||
Reversal of (set up) ECL in accordance with TFRS9 | (6) | 37 | (43) | >(100%) | ||||||||
Share of profit of associates and joint ventures, net | 82 | 89 | (7) | (9%) | ||||||||
Finance costs/Income tax/NCI | (69) | (50) | (19) | (39%) | ||||||||
Net profit | 7 | 50 | (43) | (86%) | ||||||||
According to the table presented above, the operating performance for the third quarter ended 30 September, 2024, resulted in revenue of 2,990 million Baht and a net profit of 7 million Baht, representing a change of more than 20% from the previous year. The details of these changes can be summarized as follows:
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Revenue from sale of goods and rendering of services
Revenue from sales and services for the three-month period ended 30 September, 2024, amounted to 2,990 million Baht. The majority of this revenue was derived from the Trading Business Group, contributing 30%, and the Information Technology Business Group, contributing 28%. This is similar to the same period of the previous year, with an increase of 4%.
Profit (loss) from operating activities
Operating profit (loss) for the three-month period ended 30 September, 2024, was zero, an improvement from the same period of the previous year, which recorded a loss of 26 million Baht. This change was mainly due to a 93 million Baht increase in gross profit, driven by improved performance in the Energy and Information Technology Business Groups. However, administrative expenses increased partly due to investments in additional personnel within the Information Technology Business Group to support the expansion of digital platform operations.
Reversal of impairment loss in accordance with TFRS 9
In the third quarter of 2023, the Company received a repayment of 30 million Baht from an associate for an account receivable that had previously been fully impaired. However, no such special items occurred in 2024, and the Company has only set up expected credit losses on receivables as part of its regular accounting practices.
Net Profit
For the third quarter ended 30 September, 2024, the Company recorded a net profit of 7 million Baht, representing a decrease of more than 20% compared to the same quarter of the previous year. This decline in net profit was mainly due to the various factors explained in the sections above.
Please be informed accordingly.
Sincerely yours,
Loxley Public Company Limited
(Mrs. Manisara Janewithayapun)
Company Secretary
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