MAJOR Records Lower Loss in 1Q21 from Decrease in SG&A Expenses during Pandemic
MAJOR had a better performance in 1Q21 by lowering its net loss to 120 million baht due to a decrease in SG&A expenses and higher other income.
Major Cineplex Public Company Limited (MAJOR) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
MAJOR reported lower net loss in 1Q21 at 120 million baht, which was better than a net loss of 255 million baht.
The company had a total revenues of 853 million baht, comprising services income of 636 million baht, sales income of 217 million baht when compared with the same period of the previous year. MAJOR’s revenue decreased by 468 million baht or 35%, even in this quarter that got the blockbuster movies that earn high income, such as Godzilla vs Kong. However, the effects of measures as mentioned above to control the epidemic situation of the coronavirus (COVID-19), along with many foreign films postponed their show time, which significantly affected the company’s decreasing income.
The company had a total cost of sales and services of 750 million baht. However, when compared with the same period of the previous year, the company had total costs decreased by 299 million baht or 29%, mainly from film hire cost and administrative cost of branches according to the decreased of revenue and the number of movie theaters opened.
MAJOR had other income of 92 million baht, which increased by 72 million baht compared to the same period of the previous year, mainly from the rental discount classification of the Thai Financial reporting standard no.16 , Lease agreement (TFRS 16) to other income of 55 million baht.
The company had selling and administrative expenses of 370 million baht, which decreased by 223 million baht or 38% compared with the same period of the year from the company expenses management to comply with decreasing of income from the impact of the coronavirus (COVID-19) epidemic situation.