SYNTEC’s 2Q Profit Falls 70% as a Low GPM and Decreasing in Disposal and Write off Assets

Syntec Construction Public Company Limited (SYNTEC) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

 

SYNTEC reported a 2Q2019 net profit of THB 67.21 million, decreasing by 70.03% YoY. A total profit in 2Q2019 attributable to the owners of the Company in consolidated financial statements of THB 53 million, decreasing by THB 165 million or 75.69 % by the reasons for changing due to a revenue from construction increased from THB 1,392 million to THB 1,881 million, but gross profit margin decreased from 16.27 % to 11.34 % or gross margin decreased of THB 13 million.
The revenue from room service increased from THB 82 million to THB 104 million, but gross profit margin decreased from 28.48 % to 17.46 % or gross margin decreased of THB 5 million.
A gain on disposal and write off of assets decreased of THB 143 million and the interest income increased of THB 1 million. The other income decreased by THB 2 million. The selling and administrative expenses increased by THB 35 million and other expense increased by THB 3 million. Moreover, the finance costs increased by THB 1 million as well as an income tax expense decreased by THB 36 million.