LPN’s 1Q20 Profit Drops 38% as Income from Sales Plunges by 40%

L.P.N. Development Public Company Limited (LPN) has reported its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

LPN reported a net profit of 216 million baht in 1Q20, decreased 38.03% when compared to a net profit of 349 million baht in the same period of last year as the income from sales decreased 40.08%.

However, the gross profit is still maintained at no less than 30%. At the same time, the income from service and rental businesses increased 42.17% from the same period of the previous year. It is as a result of the expansion of rental business since the end of 2018. The income from rental fees at Lumpini Township Rangsit-Klong 1 Phase 3 increased 80%.

LPN asserted that in 2020, condominium units in other 2 projects i.e. Lumpini Park Pahol 32 and Lumpini Place Rama 3-Riverine will be available for rent.