Operations Closure during Covid-19 Provokes INGRS to Book a Net Loss of ฿64mn in 1Q20

Ingress Industrial (Thailand) Public Company Limited (INGRS) has reported its 3-months financial performance for the period ended 30 April 2020 through the Stock Exchange of Thailand as follows;

 

INGRS reported a net loss of Baht 64.44 million for the 3-months period ended 30 April 2020 as compared to the same period last year with a net profit of Baht 6.53 million, mainly reflected by the decline in sales revenue, which was largely due to the impact of Covid-19 pandemic resulting in an economic slowdown and closure of INGRS operations in Indonesia, India, Thailand and Malaysia.

 

INGRS registered sales revenue of Baht 433.62 million for the 3-months period ended 30 April 2020, a reduction of Baht 319.20 million or 42.40% from the 3-months period ended 30 April 2019 of Baht 752.82 million. 

 

The local Movement Control Order (MCO) or lockdown imposed the Government of Thailand, Malaysia, Indonesia and India was necessary to prevent the spread of the virus. Thailand and Malaysia were badly impacted by the MCO, largely representing main revenue contributor to INGRS.