AWC’s Profit Falls in 1Q from the COVID-19 Outbreak, Planning to Diversify to Real Estate

Asset World Corp Public Company Limited (AWC) has reported its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

AWC reported a net profit of 108 million baht in 1Q20, declined 51.13% when compared to a net profit of 221 million baht in 1Q19 mainly due to the lower revenue caused by the outbreak of coronavirus.

AWC recorded a total revenue for the quarter at 2,512 million baht, declined 29.6% YoY due to the virus outbreak, which led to a contraction in the tourism industry since January 2020, causing a cut back to the revenue for hotel operators globally. AWC had to temporarily shut down the majority of its hotel business operations during the outbreak.

Moreover, AWC followed the government policies in closing shopping malls while waiving rental for tenants who were required to close business activities.

However, the company has conducted the asset diversification strategy to diverse risk into several forms of real-estate business, not being centralized solely on the tourism and retail industry. As a result, AWC had handled the fluctuation of the revenue in a certain level.