PACE Faces a Loss of ฿5.15bln. in 2018 from Investment and Selling Assets

PACE reports a net loss of THB 5,153 million in 2018 mainly from investment and selling assets.

Pace Development Corporation Public Company Limited (PACE) has reported its consolidated financial statement 2018 through the Stock Exchange of Thailand as follows:

In 2018, PACE recorded net loss of THB 5,153 million, compared to net profit of THB 171 million in 2017. The main reason is the effect from the gain of control in subsidiaries of comprehensive income for the year ended December 31, 2017 amounting to THB 7,113 million from the investment made by two investors, namely Apollo Asia Sprint Holding Company Limited and Goldman Sachs Investments Holdings (Asia) Limited in two subsidiaries which were Pace Project One Company Limited and Pace Project Three Company Limited.

The company recorded loss from investments and selling asset of THB 3,533 million an increase of THB 1,314 million or 59% as a result of allowance for impairment loss on investment in shares of a subsidiary. As for expenses, PACE had total sales and administrative expenses of THB 3,674 million, a decrease of THB 2,282 million or 37% compared to 2017.

 

PACE generated total revenues of THB 8,813 million, a decrease of THB 457 million or 5% as compared to 2017. This comprises of:
(1) Revenue from sales of residential condominium units of THB 6,115 million, an increase of THB 191 million or 3% as compared to 2017.
(2) Revenue from Food and Beverages of DEAN & DELUCA of THB 2,434 million, a decrease of THB 708 million or 23% as compared to 2017.
(3) Other income including trademark and trade name fees of DEAN & DELUCA of THB 264 million, a significant increase of THB 76 million or 40% as compared to 2017.

 

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