Higher Cost and Impairment Loss from Assets Plunge RBF’s 1Q21 Profit by 49%

R&B Food Supply Public Company Limited (RBF) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

RBF reported a net profit of 75 million baht in 1Q21, decreased 49.08% from a net profit of 147 million baht in 1Q20. The decrease was mainly due to higher cost of goods sold and rendering services and the impairment loss on financial assets.

 

In 1Q21, the revenues from sales of manufacturing and trading goods were 844.94 million baht, equaled to 99.57% of the total revenues from operations, and increased by 55.94 million baht or 7.09% YoY.

Meanwhile, revenues from hotel operations were 3.44 million baht, equaled to 0.41% of the total revenue from operations. The revenue from hotel operations decreased by 15.25 million 81.60% YoY, mainly due to the outbreak of Covid-19 outbreak, resulting in cancellation of hotel bookings.

 

Total cost in 1Q21 was 512.74 million baht, increased 11.68% from 459.10 million baht in 1Q20. Meanwhile, selling expenses increased by 11.81% to 55.57 million baht, and administrative expenses also increased by 5.94% to 116.46 million baht.

 

In the quarter, the company ceased to apply the temporary exemption guidance to relieve the impact from COVID-19 announced by The Federation of Accounting Professions (TFAC) and recorded impairment losses on property, plant and equipment and right-of-use assets of hotel business totaling 62.26 million baht.