TKN’s 1Q21 Earnings Drop 34% as Domestic and International Sales Record Lower Revenue

Taokaenoi Food & Marketing Public Company Limited (TKN) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

TKN reported a decline of net profit in 1Q21 by 34.39% to record at 56.21 million baht, compared to a net profit of 85.67 million baht in 1Q20.

 

The company recorded revenue from sales in the first quarter in the amount of 919.9million baht, decreased by 17.1% compared to the same quarter of the previous year due to the fact that revenue from sales in international markets decreased from the major market in China and in the domestic market from the disappearance of tourists. However, TKN generated sales from new products, such as “Just Drink” pasteurized milk tea products launched at the end of 2020, which helped compensate, in part, for the declining international sales.

Revenue from domestic sales in the first quarter is 392.0 million baht, decreased by 17.0% compared to the same quarter of the previous year. Meanwhile, revenue from international sales in the first quarter is 527.9 million baht, decreased by 17.1% compared to the same quarter of the previous year.