Lower Revenue-High Provision for Impairment Pressure ITD to Record a ฿1.1Bn Loss in 2020

Italian-Thai Development Public Company Limited (ITD) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

ITD reported a net loss of 1,104 million baht in 2020, contrasted to a net profit of 1,257 million baht in 2019. The decrease was mainly due to the decline in revenue from construction work and sales by 8,253 million baht for the year.

 

In 2020 the company’s revenues from construction work, sales and services were 53,968 million baht, a decrease of Baht 8,253 million from the previous year partially from the decrease of revenue from the nearly completion of large projects such as the MRT Green Ling (North) Contract 1: Civil Works Mo Chit – Saphan Mai Section project, the Track Doubling: Map Kabao – Thanon Chira Junction: Contract 1, Map Kabao-Khlong Khannan Chit project, the Track Doubling: Hua Hin – Prachuab Kirikhan project, the Bang Pakong Combined Cycle Power Plant project and the Queen Savang Vadhana Memorial Hospital Phase 2 project. In addition, the Company also got affected from the COVID-19 which impacted construction progress in the oversea branch, subsidiaries and joint Ventures.

 

In 2020 the company’s administrative expenses were 3,026 million baht, a decrease of Baht 401 million from the previous year partially from the decrease of administrative expenses of the overseas entities.

In 2020 the company’s provision for impairment losses were 412 million baht, an increase of 318 million baht from the previous year mainly from the provision for impairment losses in the oversea subsidiaries.