Lower Sales Pressures LPN to Record 2Q Profit at ฿176mm Facing a Decline of 29%

L.P.N. Development Public Company Limited (LPN) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

LPN’s net profit in the second quarter of 2019 was THB 176.74 million, decreased 29.06% from the same quarter of the previous year. The main reason for the decrease was due to a decrease of 32.59% of income from sales.

However, the gross profit from sales increases by 2.60%. At the same time, the income from rental and service business and management business increase 30.47% and 18.39% respectively from the same quarter of the previous year. It is as a result of the expansion of the rental business in Lumpini Township Rangsit – Klong 1 and the management services provided to other projects. The sales expenses (excluding ownership transfer expenses) increase 46.18% as a result of the brokerage fee from the recognized income of 25.62 million THB of Lumpini Suite Phetchaburi – Makkasan.

 

In addition, the Board of Directors meeting has passed a resolution to pay an interim dividend at ฿0.20/share. The ex-dividend date will be on August 20, 2019 and the payment date will be on September 5, 2019.