SAWAD Records 12% Increase in 2Q21 Net Profit after Reclassifying “Fast Money”
SAWAD recorded an increase of 12% in 2Q21 net profit after the reclassification of "Fast Money" to associated company.
Srisawad Corporation Public Company Limited (SAWAD) has announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
SAWAD reported a net profit of 1,106 million baht in 2Q21, increased 12.61% from a net profit of 982 million baht in 2Q20.
As at March 31, 2021 SAWAD has reclassified its investment in subsidiary (Fast Money Co., Ltd.) to the investment in associates. This represents a decrease in loan to customers from 42,266 million baht to 34,755 million baht because the consolidated financial statement excluded the loan to customers from the associated company.
The company recorded other income of 830.45 million baht, increased 47.43%, due to an increase of management fee income and brokerage income from life insurance and non-life insurance companies.
For the three-month period, expected credit loss decreased by 47.95 million baht, which corresponded to the reclassification of an investment in subsidiary to an investment in associate.