AWC Posts a Loss of ฿620Mn in 3Q as Covid-19 Halts Its Hospitality and Retail Businesses

Asset World Corp Public Company Limited (AWC) has reported its 2Q20 consolidated financial statement, ending September 30, 2020, through the Stock Exchange of Thailand as follows;

AWC reported a loss of 620 million baht in 3Q20, mainly due to the decline in the revenue of Hospitality businesses and Retail businesses caused by Covid-19 crisis, although the Commercial building business continues to display strong operational results.

 

In 3Q20, AWC had an operating revenue of 1,267 million baht, which decreased by 60.9% compared to the same period of the previous year. Nevertheless, the Company has resumed operations of almost all of its hotels (except for the Sheraton Samui Resort) and since late August. The average occupancy rate continues to significantly increase month by month. However, AWC remains affected by the COVID-19 outbreak, which has prevented foreign tourists from entering the country. AWC has continued to offer a discount of rental fee to some tenants in Retail businesses due to the ongoing impact by COVID19 with the aim to work closely with its business partner to alleviate the situation.