SISB Reports a ฿4.26M of Profit and ฿228M of Revenue in 2Q amid the Coronavirus Outbreak

SISB Public Company Limited (SISB) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

 

The company reported net income for Q2’2020 of THB 4.26 million, with net profit margin at 1.87%, a decrease from the same period of the previous year of THB 52.04 million. The company’s gross margin decreased 18.75% from the same period of the previous year due to decreasing in revenue and most of the administrative expenses are related to fixed cost, leading to decrease in net income.

 

The company’s revenue for the 3-month period ended 30 June 2019 and 2020 were THB 272.39 million and THB 228.20 million respectively. Revenue decreased by THB 44.19 million or 16.22%.

 

Revenues from sales and services of the company for the Q2’2019 and 2020were THB 263.36 million and THB 221.26 million respectively. Revenues from sales and services consist of Tuition fees and services income and Education equipment income which accounted for 99.79% and 0.21% of revenues from sales and services in Q2’2020, respectively.

 

Revenues from sales and services of the company for the Q2’2019 and 2020 were THB 263.36 million and THB 221.26 million respectively. Revenues from sales and services consist of Tuition fees and services income and Education equipment income which accounted for 99.79% and 0.21% of revenues from sales and services in Q2’2020, respectively.

 

Application and enrollment fee incomes of the company for Q2’2019 and 2020 were THB 14.14 million and THB 14.53 million respectively. Application and enrollment fee increased by 2.75% from the same period of the previous year.

 

Costs and expenses of the company consist of tuition and services cost, administrative expenses, other expenses, and finance cost. Costs and expenses for Q2’2019 and 2020were THB 219.48 million and THB 225.10million respectively, which accounted for 80.58% and 98.64% of total revenue.

 

The company reported administrative expenses at THB 69.22 million for Q2’2020which is 30.33% of total revenue. The expenses consisted of employee related expenses which amounted to THB 46.27 million. The company also had expenses related to the liquidation of Ekkamai campus. Administrative expenses to total revenue increased from 22.89% for Q2’2019, due to a decrease in total revenue while most of administrative expenses were fixed costs.

 

The company recognised an unrealised loss of investment in debt securities-debenture issued by a company. The company recognised an unrealised loss from change in value of the said investment amounting to Baht 15.25 million in consolidated comprehensive income statement.

 

The COVID-19 pandemic is resulting in an economic slowdown. This situation affects the Group’s business activities in terms of investments in debt securities -debenture issued by a company.The company recognised unrealised loss from change in value of the said investment amounting to THB15.25 million in the consolidated comprehensive income statement.

 

Singapore International School of Bangkok (Pracha Uthit Campus) and Singapore International School Ekkamai (Ekkamai Campus) are located near each other. As of recent years, students tend to choose to attend at Pracha Uthit Campus over the other one. So Ekkamai Campus could not operate efficiently compared to the available resources.The Ekkamai Campus opened for academic year 2019/2020 as the last academic year, and moved all the remaining students to other campuses from academic year 2020/2021 onwards. As a result, the company recognised allowance for impairment in the consolidated comprehensive income statement.