Low Transfer Units in 2Q and Employee Benefits Pressures CPN’s Profit to Record 15% Lower

Central Pattana Public Company Limited (CPN) has reported its 2Q19 consolidated financial statement through the Stock Exchange of  Thailand as follows:

CPN in 2Q19 showed a total revenue of THB 9,197 million, decreased 15.9% from the same period in the previous year (YoY). For the first six months of 2019, CPN reported total revenue of THB 17,916 mn, an increase of 4.8% YoY, and net profit of THB 5,317 million, a decrease of 7.7% YoY from the same period in the previous year.

The main difference came from the transfer of residential units between both years as the majority of the transfers will be made towards the second half of this year, and from the provision of employee benefits for retirement, a non-recurring item classified under administrative expenses.