PACE Development Corporation Public Company Limited (PACE) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:
In 2Q 2019, the Company had a net loss of THB 726 million or 150% of total revenues compared to 2Q 2018 with a net profit of THB 217 million. This was due to the significant loss in the quarter from the absence of revenue from the property development business and an increase in administrative expense.
In the second quarter in 2019, PACE does not recognize revenue from the property development business which results in the significant decrease in total revenue. PACE ’s total expenses of THB 862 million (177% of total revenue), comprising of selling expenses of THB346 million, decreased by 59%YoY, administrative expenses of THB 515 million, increased by 66% YoY as a result of impairment of fixed assets of THB 113 million, provision regarding closure of one store in the United States and another in Thailand and severance pay of THB 21 million.