LPN’s Earnings Contract 22% in 2Q21 on a Lower Income from Condominium Sales

L.P.N. Development Public Company Limited (LPN) has announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

As for the performance in 2Q21, the net profit of LPN decreased 22.31% to 120.99 million baht compared to the same period of the previous year. It is because the income from sales of residential condominium projects decreased 36.58% as a consequence of COVID – 19 pandemic. The income from sales of single house projects increased 15% to 445.07 million baht. 

At the same time, the income from rental and service business and management business increased 82.66% to 68.59 million baht and 14.72% to 314.87 million baht respectively in comparison with the same period of the previous year. This is in accordance with the policy to diversify the revenue base which has continuously been implemented. 

The expenses on sales and management decreased 24.39% and 8.65% respectively compared to the same period of the previous year, resulting from decreased ownership transfer expenses and increased efficiency in expense and operational cost management.

In addition, LPN has passed a resolution to offer an interim dividend payment at the rate of 0.10 baht per share to be paid on September 3, 2021, with an Ex-dividend date on August 18, 2021.