ZEN Books a Net Loss of ฿44mn as a Consequence of Covid-19 Outbreak

Zen Corporation Group Public Company Limited (ZEN) has reported its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

ZEN reported a net loss of 44.217 million baht in 1Q20, decreased 237.66% when compared to a net profit of 32.120 million baht in 1Q19 mainly due to a decrease in revenue from sales of food and beverages, which was the major contributor to ZEN’s revenue and was a consequence of the outbreak of COVID-19 and the closure of restaurants in shopping centers. 

 

The revenue from sales of food and beverages was 616 million baht, a decrease of 94 million baht or 13.2% YoY, resulted by the decreased sales of the restaurant business and raw material to franchisees, while sales of delivery and retail merchandise increased by boosting sales through these channels in response to the changing consumer behavior and later on in response to COVID-19 crisis. Sales of retail merchandise grew 208.4% from the previous year. However, due to the epidemic situation of COVID-19 which negatively affected the economy and consumer confidence, ZEN’s SSSG for the year 2020 was -26.5%