LPN’s Net Profit Falls over 43% in 1Q as Income from Residential Sales Drop

L.P.N. Development Public Company Limited (LPN) has reported its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

As for the performance in Q1/2021, the net profit of LPN decreased 43.35% to 123 million baht from the same period of the previous year. It is because the income from sales of residential condominiums decreased 39.75% to 674 million baht since the income from the backlog had been recognized in Q4/2020. Moreover, the sales campaigns at the beginning of the year are not well-received as usual as a consequence of the COVID-19 pandemic. 

 

Regarding the income from sales of single house projects, it is similar to that of Q1/2020. The income from rental and service business increased 27.97% from the same quarter of the previous year. It is as a result of the continual expansion of rental business at Lumpini Township Rangsit-Klong 1 Phase 3 since the end of 2018 and the rental business at ready-to-move-in projects since 2020, namely, Lumpini Park Phahol 32, Lumpini Place Rama 3-Riverine, Lumpini Park Petchkasem 98, Lumpini Selected Suthisarn-Saphankwai and Lumpini Ville Pranangkla-Riverview. 

 

The sales expenses and management expenses decreased 29.73% and 19.80% respectively from the same period of the previous year because of a lower ownership transfer volume and increased efficiency of expenses management and operational costs control.