CPN Reports a 171% Increase in 2Q21 Earnings from Higher Revenue Recognition

Central Pattana Public Company Limited (CPN) announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

CPN reported a net profit of 1,268 million baht in 2Q21, increased 171.57% from a net profit of 467 million baht in 2Q20. The increase in the quarter was mainly due to its higher revenue during the period.

 

In 2Q21, the company reported total revenue of 5,933 million baht, an increase of 64.2% YoY, mainly from the provided rent waiver and rent discount to tenants who were impacted by temporarily closed shopping malls during the same period of last year while being fully operated this year.

In the meantime, the gross profit ratio excluding other income increased to 36.9% from 11.2% in the same period of the previous year. Whilst operating profit ratio increased proportionately to 17.4% from -14.3% in the same period of the previous year, mainly from COVID-19 outbreak impact on the revenue side lower than the same period of last year while continuously encouraging cost-saving and lower administrative expense.