WINMED Records 10% Increase in 1Q21 Earnings from Higher GPM and Lower SG&A

Winnergy Medical Public Company Limited (WINMED) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

WINMED reported a net profit of 10.56 million baht in 1Q21, increased 10.63% from a net profit of 9.54 million baht in 1Q20. The increase was mainly due to higher gross profit margin and lower SG&A expenses.

 

In 1Q21, the company had a revenue of 118.96 million baht, decreased 9.45% from an amount of 131.38 million baht in 1Q20 due to the recurrence of Covid-19, causing sales to decrease.

 

WINMED recorded a gross profit margin in 1Q21 at 48.38%, a slight increase from a gross profit margin of 47.65% in 1Q20.

 

Selling expenses dropped by 11.21% to 20.83 million baht due to the management to maintain profitability during the pandemic to be more effective spending selling expenses including the arrangement sales activities and online webinar.

 

Administrative expenses also decreased by 12.16% to 23.11 million baht in 1Q21 due to less spending for staff activities and significant lower exchange loss after the implementation of new foreign exchange management. The company released the foreign exchange policy and procedure during the last quarter of 2020 to book all forward contracts for all imported orders value higher than 200,000 baht.