LPN Posts a 13.13% Decrease in 2Q Net Profit as Covid-19 Pandemic Hits Sales Income

L.P.N. Development Public Company Limited (LPN) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

For 2Q20, LPN’s net profit has decreased 13.13% year-on-year to 153.52 million THB. It is resulting from 10.24% decrease in income from sales as a consequence of COVID – 19 pandemic. The income from service business has also decreased 6.34% from the same period of the previous year. At the same time, the income from rental fee at Lumpini Township Rangsit – Klong 1 (Phase 3) has increased 43% from the same period of the previous year. The income from management fee has increased 2.67%.

 

The total assets of LPN increases 1,367.87 million THB or 5.83% mainly due to 1) the amount of cash has increased 946.04 million THB or 188.72% from 2019 as a result of the liquidity reserve in preparation for the time of crisis 2) the deposit for a plot of land on Charansanitwong Soi 22 road bought for project development is paid 3) other non – current assets increase 1,858.90 million THB or 52.62%  as the construction of 2 projects has been put off. 

 

As for the cash flow statement as of June 30, 2020 and June 30, 2019, the net cash flow increases 1,032.95 million THB or 2.5 times mainly because of the liquidity reserve in preparation for the time of crisis.