STEC’s 2Q Profit Falls 12% to ฿267m from the Cost of Constructions and Employee Benefits

Sino-Thai Engineering and Construction Public Company Limited  (STEC) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

STEC Recorded a 2Q in 2019 net profit of THB 267.86 million, decreasing 12.25% YoY. The total revenue for the three-month period and six-month period in 2019 amount of THB 7,411.73 million and THB14,967.28 million, compared to the same periods of the previous year, the total revenue was THB 5,734.43 million and THB 11,109.16 million respectively, increasing by Baht 1,677.30 million or 29.25% for the three-month period and THB 3,858.12 million or 34.73% for the six-month period.
The major revenue was from construction, amounting to THB 7,277.63 million for the three month period and THB 14,758.42 million for the six-month period, rental and service income, amounting to THB 18.86 million and THB 38.51 million, interest income, amounting to THB 46.50 million and THB 83.56 million respectively and dividend income, amounting to THB 58.88 million.

The total expenses for the three-month period and six-month period in 2019 amount of Baht 7,069.00 million and THB14,168.06 million, increasing by THB 1,712.61 million or 31.97%QoQ and THB 3,804.50 million or 36.71% for the six-month period.
This resulted from an increase in the cost of construction due to an increase in construction projects. Furthermore, STEC and its subsidiaries had recorded provision for long-term employee benefit amount of THB 56.94 million.