LPN Records a 43% Decline in 2020 Profit, Handing Out a Dividend of Bt0.40

L.P.N. Development Public Company Limited (LPN) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

 

LPN reported a net profit of 716 million baht in 2020, decreased 42.97% from a net profit of 1,256 million baht in 2019. The decline in net profit was due to the 31.16% decrease in income from sales resulting from COVID-19 situation since early 2020.

At the same time, the income from rental and service business increases 30.16%. It is because the rental income from Lumpini Township Rangsit Klong 1 (Phase 3) increases 86% from the same period of the previous year and the income from project management increases 6.82% from the increasing number of external projects managed.

As for the cash flow statement as of December 21, 2020 and 2019, the net cash flow increases 414.56 million baht or almost twice as much mainly because of the cash reserved for project development and liquidity reserve in preparation for the time of crisis.

As of the end of 2019, LPN has a backlog totaling 2,200 million baht, in which 1,900 million baht worth of backlog is to be handed over in 2021.

 

In addition, the company’s Board of Directors resolved the resolution to approve a dividend payment of ฿0.40/share to be paid on April 8, 2021. The ex-dividend date will be on February 24, 2021.