15 August 2022 | |
Subject | The operation results for the first quarter 2022 compared with the same quarter of 2021 |
To | President |
The Stock Exchange of Thailand |
Thai Mitsuwa Public Company Limited (TMW) summarizes the operation results for the three-month
period from 1 April 2022 to 30 June 2022 | compared with the same period of 2021 as follows : | |||||
(unit : thousand baht) | ||||||
Income Statement (April - June ) | 2022 | 2021 | Change | |||
Revenue from sales - plastic parts | 387,722 | 100.00% | 371,274 | 100.00% | 4.43% | |
Revenue from sales - magnesium parts | 414,318 | 100.00% | 298,662 | 100.00% | 38.72% | |
Revenue from sales - molds | 37,572 | 100.00% | 41,619 | 100.00% | -9.72% | |
Total revenue from sales | 839,612 | 100.00% | 711,555 | 100.00% | 18.00% | |
Cost of sales - plastic parts | 352,082 | 90.81% | 324,166 | 87.31% | 8.61% | |
Cost of sales - magnesium parts | 351,233 | 84.77% | 240,988 | 80.69% | 45.75% | |
Cost of sales - mold parts | 26,972 | 71.79% | 24,416 | 58.67% | 10.47% | |
Total cost of sales | 730,287 | 86.98% | 589,570 | 82.86% | 23.87% | |
Gross profit - plastic parts | 35,640 | 9.19% | 47,108 | 12.69% | -24.34% | |
Gross profit - magnesium parts | 63,085 | 15.23% | 57,674 | 19.31% | 9.38% | |
Gross profit - mold parts | 10,600 | 28.21% | 17,203 | 41.33% | -38.38% | |
Total gross profit | 109,325 | 13.02% | 121,985 | 17.14% | -10.38% | |
Other income | 3,398 | 0.40% | 5,088 | 0.72% | -33.22% | |
Selling expenses | 23,167 | 2.76% | 17,582 | 2.47% | 31.77% | |
Administrative expenses | 59,772 | 7.12% | 58,155 | 8.17% | 2.78% | |
Finance cost | 300 | 0.04% | 1,096 | 0.15% | 466.97% | |
Income tax expenses | 6,214 | 0.74% | 5,821 | 0.82% | 6.75% | |
Net profit (loss) | 23,270 | 2.77% | 44,419 | 6.24% | 47.61% | |
The first quarter of 2022 performance from April 1, 2022 to June 30, 2022, the company's business performance has declined 47.61% from the same period last year.
Sales increased by 128.08 million baht or 18%. Domestic plastic parts sales increased by 4.11% and exports increased by 8.9%. Domestic magnesium parts sales increased by 35.09% and exports increased by 50.78%. Domestic moulds decreased by 61.39% and exports increased by 4.13%.
Total cost of sales increased by 140.72 million baht or 23.87%, higher rate than sales. This resulted in a 10.38% drop in gross profit. When considering the items with a high proportion and increasing above the
rate of increase in sales : plastic and magnesium raw materials increasing approximately by 26%, | salary and | |
overtime for sub contract employees increasing approximately by 36%, | mold materials | increasing |
approximately by 35%, maintenance of machinery and equipment used in the production of plastic and magnesium parts increasing approximately by 102%, packing material and ink increasing approximately by 34%%, and the cost of importing parts increasing approximately by 50%
Selling expenses increased by 5.58 million baht or 31.77%. There are the important items :
- Domestic and export-related transportation expenses increased by approximately 46%, accounting for approximately 75% of selling expenses..
- Employee-relatedexpenses decreased by approximately 0.7%, accounting for approximately 24% of selling expenses.
Administrative expenses increased by 1.62 million baht or 2.78%. There are the important items :
- The employee-related expenses increased by 3.13%, accounting for approximately 70% of administrative expenses;
- Machinery and equipment maintenance costs increased by 25%, accounting for approximately 3.5% of administrative expenses.
Some financial ratios as of June 30, 2022 compared to March 31, 2022 :
Liquidity ratios | 30/6/2022 | 31/3/2022 | |
Liquidity ratios (times) | 2.29 | 2.17 | Current assets / current liabilities |
(cash + current investment + trade receivables) / | |||
Quick ratios (times) | 1.85 | 1.67 | current liabilities |
Profitability ratios | |||
Gross margin (%) | 13.02% | 17.14% | Gross profit / revenue from sales |
Operating profit margin (%) | 3.55% | 7.21% | Operating profit / revenue from sales |
Cash-to-profit ratio (%) | 373.80% | 278.04% | Cashflow from operating / operating profit |
Net profit margin (%) | 2.77% | 6.24% | Net profit / revenue from sales |
Financial policy ratio | |||||
Debt to equity ratio (times) | 0.27 | 0.27 | Debt / shareholders' equity | ||
Liquidity ratio increased from 2.17 times to 2.29 times; Current ratio increased from 1.67 times to 1.85 | |||||
times. Debt to equity ratio remained stable at 0.27 times. | |||||
Gross margin dropped from 17.14% to 13.02%; | operating margin fell 7.21% to 3.55%; |
cash-to-profit ratio increased from 278.04% to 371.79%; net | profit decreases from 6.24% to 2.77%. |
The management continues monitoring closely the progress of the coronavirus disease 2019 | |
epidemic situation and implementing the cost reduction | policy in all departments and requests the |
cooperation from the employees to adjust working according to the uncertain situation and affect the business environment.
Please be informed accordingly.
Yours sincerely,
(Mr.Tetsuji Takeguchi)
Account and Finance Manager