KCE’s 2Q Profit Decreases 55% due to the Impact of Covid-19, Offering a Dividend at ฿0.4

KCE Electronics Public Company Limited (KCE) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

KCE reported a net profit of 71.3 million baht in 2Q20, representing a reduction of 83.2% Q-o-Q and 55.1% Y-o-Y. Operating profit in 2Q20 totaled 129.7 million baht (excluding a gain on foreign currency exchange rate and an impairment loss), representing a decline of 62.6% Q-o-Q and 38.4% Y-o-Y.

The substantial decrease in operating results of the second quarter 2020 was due mainly to the impact of COVID-19, which resulted in a decrease in sales revenue, an increase in the cost of goods sold and a reduction in gross margin. This resulted in basic earnings per share of 0.06 baht for the second quarter of 2020.

Nevertheless, for the first half of 2020, the Group’s net profit totaled 496.2 million baht, compared to 427.6 million baht in the first half of 2019, representing an increase of 16.0% Y-o-Y. The basic earnings per share was 0.42 baht for the six months of 2020.

In addition, the Board of Directors approved a dividend payment for operating period from 01-Jan-2020 to 30-Jun-2020 of ฿0.40/share to be paid on September 9, 2020. The ex-dividend date is August 24, 2020.