GFPT’s 1Q20 Profit Jumps 42% after Recording Higher Other Income and Lower SG&A Expenses

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

GFPT announced a net profit of 324 million baht in 1Q20, increased 42.48% when company to a net profit of 227 million baht in 1Q20. The increase was mainly due to higher gain in derivatives, other income, while SG&A expenses recorded lower.

GFPT had total revenue from sales of THB 3,682.20 million in 1Q20, representing a decrease of THB 283.81 million or 7.16% down from 1Q2019 mainly from lower revenue of farm business which decreased by THB 123.30 million or 9.01% down comparing to 1Q19 and lower revenue of chicken processing business which decreased by THB 106.27 million or 6.44% down comparing to 1Q19.

The other income in 1Q20 was THB 116.03 million, increased by THB 49.30 million or 73.88% upfrom 1Q19, predominantly from increasing of gain from derivative. The other incomes in 1Q20 was 3.15% of revenue from sales, gradually increasing from 1.68% in 1Q19.

The SG&A expenses in 1Q20 equaled THB 330.85 million, decreased by THB 3.22 million or 0.97% down from 1Q19. The SG&A expenses decreased since lower freight compared to 1Q2019. The SG&A expenses in 1Q2020 were 8.98% of revenue from sales, increased from 8.42% in 1Q19.

The share of profit from associated companies based on the equity method in 1Q20 was THB 100.25 million, increased by THB 78.51 million, or 361.13% up from 1Q19 mainly from GFN’s profit, which contributed THB 12.25 million, increased by THB 40.75 million or 142.97%, comparing to 1Q19 mainly from higher export volume of processed chicken.