A Drop in Sales Revenue Causes INGRS to Report a Net Loss of ฿76M on 2019

Ingress Industrial (Thailand) Public Company Limited (INGRS) has reported its yearly consolidated financial statement of 2019 ended January 31, 2020, through the Stock Exchange of Thailand as follows;

INGRS reported a net loss of 76 million baht in 2019 from a net profit of 54 million baht in 2018. The decline was mainly due to its lower sales revenue of 2,838.12 million baht, a reduction of 361.20 million baht or 11.29% YoY.

The drop in sales revenue was mainly as a result of significant drop in Total Industry Volume (TIV) and Total Industry Production for Thailand, Indonesia and India markets experienced in 2019. For the Malaysia market, although the TIV shown slightly improved from 2018, but it does not translate into a higher sales revenue mainly the increase was supported by higher CBU models direct from China.

The company also registered an increase of deferred tax by 118.20 million baht YoY.