WICE’s 2Q Profit Skyrockets 486% as Electronics Exports Derive Benefit form Covid-19

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

WICE’s net profit for 2Q20 was 55.27 million baht, compared with 2Q19, an increase of 486.24% and compared to 1Q20, an increase of 82.59%, due to the increase in service income as follows: service income 2Q20 was 1,036.86 million baht compared to 2Q19, an increase of 92.80% and compared with 1Q20 , an increase of 60.42%. Subsidiaries are WICE Logistics (Singapore) Pte. Ltd., WICE Logistics (Hong Kong) Limited and Euroasia Total Logistics (M) Sdn Bhd, which increased incomes in addition to the increased workload from electronic customers. Revenue also increased from the adjustment in freight prices. From higher demand resulting in even more income for this accounting period.

 

Performance of WICE’s revenue for the first half of 2020 was 1,690.03 million baht, an increase of 660.87 million baht or 64.21% of revenue for the same period last year. The increase in income resulted in the net profit for the first half of 2020 equal to 85.53 million baht, an increase of 64.46 million baht or 305.84% of the net profit for the same period last year. This was due to the better operating results of the subsidiaries.

 

Gross profit in 2Q20 was 154.15 million baht, compared to 2Q19, an increase of 100.46% and compared to 1Q20, an increase of 34.14%, together with lower selling and administrative expenses. The cost of sales for the first half of the year 2020 was 14.35 million baht, a decrease of 16.51% from the same period of the previous year due to the Covid-19 facility, resulting in reduced travel expenses. And administrative expenses for the first half of the year 2020 was 114.85 million baht, decreased from the same period of the previous year, accounting for 8.19% due to the previous year, the retirement financial estimate was recorded from 300 days to 400 days. An additional estimate has been made to expenses in the prior year. The lower selling and administrative expenses also resulted in an increase in net profit for this accounting period.