GL Records only ฿9.5m of Profit in 3Q as a Selloff Plunges Its Share Price by 14%

The share price of Group Lease Public Company Limited (GL) plunged to ฿4.26/share, decreased ฿0.70/share or 14.11% with a trading value of 30.96 million baht after reporting its 3Q19 consolidated financial statement through the Stock Exchange of Thailand.

GL reported a net profit in the quarter at 9.51 million baht, decreased 90.71% from a net profit of 102 million baht in the same period last year.

The company stated that the decrease was due to the lower hire purchase interest income which was 422.85 million baht, decreased by 96.15 million baht or 18.53% compared to 2018. Loan interest income was 26.21 million baht, decreased by 13.40 million baht or 33.82%, resulting from the decrease in portfolio of TNB.

Consumer finance under joint financing arrangements interest income was 0.63 million baht, decreasing by 15.12 million baht or 95.99% compared to last year, mainly from the discontinuation of this joint operation due to current dispute with partner in Indonesia.

Hire purchase service fee income was Baht 22.17 million, decreased by Baht 2.22 million or 9.10%, mainly from decreasing number of contracts. Meanwhile, GL’s consolidated bad debts and doubtful accounts increased compared to 2018 by Baht 20.25 million or 21.26%.