IND Records a Net Loss of ฿8.8Mn in 1Q due to a Decrease in Revenue

Index International Group Public Company Limited (IND) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

For the first 3 months of 2021, IND was lost by 8.85 million Baht, increasing by 5.27 million Baht or 147.21% from the first quarter of 2020. The main reasons of decreasing revenues were the delivery of the large-scale project that were nearly completed, such as Lampang Oil Depot project, Intoplane substation at Don Muang Airport project, and the completely delivered projects, such as Phichit Oil Depot project, Bang Pa-In Oil Pumping Station and Control System project, etc. In addition, in the first quarter of 2021, the company took over the Conceptual and Detailed Design, which was a smaller project than in 2020, resulting in the net loss in the first quarter of 2021 increasing from the previous year.

 

IND had revenue from services of 76.09 million Baht, decreasing by 63.10 million Baht or  45.33% compared with the first quarter of 2020, caused by most of the handover of works having been completed and new projects recognized in the first quarter of 2021 were lower than the previous year. Moreover, the situation of the COVID-19 epidemic occurred in the first quarter of 2021 has affected operations and the inspections have been delayed.