MTC’s 3Q Earnings Soar 24% to ฿1.3Bn as Revenue Grows amid Branch Expansions

Muangthai Capital Public Company Limited (MTC) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

MTC reported a net profit of 1,339 million baht in 3Q20, increased 24.03% compared to the same period of last year.

Total revenue for the quarter was 3,737 million baht, increased 13.10% from a total revenue of 3,304 million baht in 3Q19. Meanwhile, selling and administrative expenses was at 1,533 million baht, increased 105 million baht from 1,428 million baht of same period last year, or 7.35%, due to the increase of depreciation expense from adoption of TFRS16 and employee’s salary as a result of the expansion of branches and employee.

As of the end of September 2020, the number of branches increased by 691 branches to 4,798 branches, compared to the end of December 2019.