NWR’s Construction Revenue Drops Near 40%, Dragging 2Q Profit to Plunge over 30 Times!

Patanakarn Public Company Limited (NWR) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

In the second quarter of 2019, NWR recorded a net loss of THB 175.78 million, decreased over 30 times when compared to a net loss of THB 5.21 million in 2Q18 mainly due to the decrease of revenue from construction for the second quarter of 2019 from THB 2,199.81 million in 2Q18 to THB 1,353.08 million in 2Q19, decreased by THB 846.73 million or 38.49%.

Administrative expenses for the second quarter of 2019, has increased when compared to the same quarter of 2018, by THB 64.98 million or approximately 56.70%. NWR asserted that the company has higher expenses due to the filing lawsuits against long overdue debtors. Including the Company and its subsidiaries recognized the expenses from the compensation adjustment for the post- employment benefits program from the 300 days to 400 days and recognize loss from exchange rate which in the same quarter of 2018 was recognized as foreign exchange gain.