MAJOR: Third Quarter Earnings Increased by 934% QoQ

Major Cineplex Group Pcl. (MAJOR) on Friday announced their third quarter 2021 earnings amounting THB 1,819 million which increased by 934.4% quarter-over-quarter and 1555% year-over-year. Earnings in the period nine-month ending amounted to THB 1,481 million.

The company reported the primary driver of the increase in earnings is due to recognition of profit after tax from the disposal of investment in Siam Future Development Pcl. amounting THB 3,163.

Total revenues amounted to THB 164 million which a decreased of 82% YoY. The decline in revenue attributed to temporary closure of movie theater and other ancillary businesses from 26th April 2021 until 30th September amid government imposed mobility restrictions. However, despite the closure the company used omni channels to sell popcorn and beverages to give customers theater like experience at home.

Selling and administrative expense increased to THB 749 million an increase by 105% YoY which is attributed to recognition of damages and interest expenses form the fire accident at Major Cineplex Pinklao.