Covid-19 Drags ERW’s 2Q Profit to Record a Further Severe Loss of ฿625Mn, Down 84x YoY

The Erawan Group Public Company Limited (ERW) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

ERW recorded total operating income at 79 million baht, a 94% decrease from 2Q19. Negative EBITDA was at 249 million baht while recorded positive EBITDA at 330 million baht in 2Q19. ERW generated normalized net loss at 614 million baht and recorded net loss at 625 million baht, a reduction of more than 8,000% compared to net loss at 7 million baht in 2Q19, after recorded share of loss 11 million baht from investment in ERWPF.

For 1H20, ERW recorded total operating income at 1,290 million baht, a 59% decrease from 1H19. Generated EBITDA at 42 million baht, a 96% decrease from 1H19, and normalized net profit at 720 million baht and net loss at 728 million baht compared to net profit at 2 million baht in 1H19.