VGI Posts a Loss of ฿104Mn as Covid-19 Affects OOH Advertising Revenue

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

VGI reported a net loss of 104 million baht in 1Q20, a decrease of 134.2% YoY, as an overall performance was significantly affected by Covid-19 pandemic. Total revenue was 445 million baht, a decrease of 50.6% YoY, derived from 1) OOH advertising revenue decreased by 64.1% YoY to 266 million baht due to the Covid-19 crisis, which led to a postponement of advertising spending 2) digital services revenue increased by 12.1% YoY to 179 million baht from a full recognition of online advertising revenue from VGI Digital Lab.

 

Meanwhile, gross profit margin decreased to 25.2% due to the lower revenue base.