CRC: Reported Deep Decline in Earnings as Expected Amid Temporary Closures of Mall

Central Retail Corp. Pcl. (CRC) on Friday reported earnings of third-quarter 2021, amounting to loss of THB 2,241 million translating to an increase in loss by 375.8% compared to the previous quarter of 2021. Comparing to year-over-year earnings dropped by 367.7%. Earnings for the nine-month ended 2021 amounted to a loss of THB 2,311 million.

 

Revenue from sale of goods amounted to THB 37,660 million which is a decrease of 10.0% from the previous quarter. The decrease accounted from sale from fashion segment declined by 10.6% QoQ, sale from hardline segment declined by 20.1% QoQ and sale from food segment inched up by 0.4%.

Rental income amounted to THB 903 million which accounts for a decrease of 38.8% YoY. The decline is mainly due to store closure in Thailand and Vietnam amid government movement restriction in place due to third wave of COVID-19. The company also provided relief measures such as rent discounts to tenants.

Rendering services revenue decreased by 59.4% YoY due to closure of food centers amid government measures.

Overall gross profit stood at THB 9,291 a decrease of 14.2% QoQ. Selling and administrative expenses collectively stood at THB 13,854 where selling expenses decreased by 7.2% and administrative expense increased by 18.8%.