KCE’s 1Q Profit Jumps 58% after Recording Higher Gain from Baht Depreciation

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

KCE reported a net profit of 424 million baht, increased 58.17% YoY the result of better efficiency, revenue growth and effect of the Thai Baht depreciation, whereas the gross margin widened and SG&A remained stable. This resulted in basic earnings per share of Bt0.36 for the first quarter of 2020.

Sales revenue in Baht terms increased to Bt3,259.7 million in 1Q20, representing an increase of 4.7% YoY.  The higher revenue recognition in Baht terms was due to the weakening Thai baht against the US dollar and Euro in the period, which resulted in THB sales increasing by Bt93 million.