Erawan Group Suffers a THB623 Million Loss in 3Q21 as a Result of Covid Lockdowns

The Erawan Group Public Company Limited (ERW) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

In 3Q21, ERW recorded total operating income at THB 226 million, a 47 percent decrease from 3Q20 due to the more severe of COVID-19 outbreak situation compared to the same period last year, and negative EBITDA at THB 243 million. As a result, ERW recorded a net loss of THB 623 million, up from THB 514 million in 3Q20.

For 9M21, ERW recorded total operating income at THB 815 million, a 50 percent decrease  from the same period last year. ERW, also, recorded negative EBITDA at THB 605 million and net loss at THB 1,805 million compared to net loss at THB 1,242 million in 9M20.

In summary, in 3Q21, all the businesses in Thailand (ex. HOPINN) generated operating income at THB 106 million, a 47 percent decrease from 2Q21 and negative EBITDA at THB 236 million.

Meanwhile, ERW recorded  income from total hotel operations in the Philippines at THB 210 million, a 47percent decrease from 3Q20. Room revenue was reported at THB 154 million and F&B revenue was reported at THB 44 million, resulting in recording a negative EBITDA at THB 212 million. In 9M21, income from total hotel operations was THB 815 million, a 50 percent decrease from 9M20 and negative EBITDA at THB 624 million.