E for L Aim Public Company Limited (EFORL) has reported its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;
In 1Q20, EFORL recognised loss of 392 million baht increasing loss by 4,055% compared to the same period at the previous year. Revenues from sales and services of EFORL was 324 million baht decreased by 34% compared to the same period at the previous year. It derived from: 1) sales and services of medical equipment of 302 million baht decreasing by 33% YoY mainly due the delay approval process of budget expenditure of the government for the 2020 fiscal year 2) revenue from beauty treatment services of 22 million baht decreasing by 47% YoY due to highly competitive market in beauty business (both direct and indirect competitors) and economic slowdown resulting in some of franchise branches and WCIG branches have been closed.
In addition, due to the impact of the Coronavirus 2019 outbreak, these measurements directly affect the business of Wuttisak Clinic Intergroup Co., Ltd. (Wuttisak Clinic or WCIG indirect subsidiary, held by WCI Holding PCL) to close all branches resulting in lack of service income and serious lack of working capital and personnel shortage. This causes a material adverse effect on WCIG’s operations. After assessing the situation, the current Board of Directors of WCIG has submitted a petition for business rehabilitation to the Central Bankruptcy Court on 24 April 2020.