LPN’s 3Q Profit Drops 11% to ฿102Mn, Expecting to Book ฿2.9Bn from Backlog in 4Q!

L.P.N. Development Public Company Limited (LPN) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

LPN reported a net profit of 102 million baht, decreased 11.35% when compared to the same period last year. The decrease was mainly due to a drop in income by 7.69% as a result of the ongoing COVID-19 situation from the previous quarter.

Meanwhile, the income from rental and service business has increased 39.18% from the same period of the previous year. It is because the rental income from Lumpini Township Rangsit – Khlong 1 (Phase 3) has increased 87% from the same period of the previous year and the income from project management has increased 5.51% from increased number of external projects managed by LPN.

As of September 30, 2020, the company had a total backlog of 3,845 million baht in which 2,895 million baht to be handed over in 2020 and 950 million baht in 2021.