AQ Reports a Rise of 47% in 2Q Net Loss, Causing by Falling in Revenues and High Expenses

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

AQ reported its operating results for 2Q/2019, the net loss amounted to THB 46.87 million which the net profit is THB 18.69 in the same period of 2018. The loss increased THB 65.56 million from the prior year, causing the loss of more than 20 %.

The revenue from sales and services of AQ and its subsidiaries amounted to THB 83.59 million in 2Q/2019, compared with the same period of 2018, amounting to THB 95.48 million, a decrease of THB 11.89 million or 12.45 %. In reference to the revenues from property, sales amounted to THB 55.71 million in Q.2/2019 and in 2018, amounting to THB 73.82 million, a decrease of THB 18.11 million or 24.53% due mainly to houses sales had dropped.

Other incomes of AQ and its subsidiaries amounted to THB 34.10 million in 2Q/2019, a decrease of THB 40.68 million from 2018 or 54.40%. The main reason was that AQ recorded penalty income for delayed product delivery in 2018.

While the cost of sales and services amounted to THB 84.06 million in 2Q/2019, compared with the same period of 2018, amounting to THB 77.17 million, an increase of THB 6.89 million or 8.93 % because the subsidiaries company had increased cost of hotel business in 2019 by recording depreciation in the newly opened hotel.