CPN’s 3Q Profit Drops 12% to ฿2.48Bn due to Impact of Covid-19

CPN’s 3Q Profit Drops 12% to ฿2.48Bn due to Impact of Covid-19

Central Pattana Public Company Limited (CPN) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

The performance of CPN in 3Q20 net profit stood at 2,481 million baht, a decrease of 11.9%YoY and shows total revenue of 7,599 million baht, a decrease of 19.3% YoY. The decrease in net profit was mainly from the impact of COVID-19 on revenue of each business category. For the nine months of 2020, CPN reported net profit of 7,540 million baht, a decrease of 6.5% YoY, and total revenue of 23,753 million baht, a decrease of 13.1% YoY, mainly from a decrease of revenue from rental and services as CPN remained providing rent discount to tenants who impacted by the current situation.

 

In 3Q20, same store rental revenue decreased 20% YoY (for nine months of 2020, decreased 29% YoY) mainly from COVID-19 impact by providing rent discount to tenants as well as lower marketing activities and temporary close shopping malls. The same store rental revenue excludes that of 1.) new malls in 2019, namely Central i-City and Central

Village; 2.) malls under major renovation during 2019 and 2020, namely CentralWorld, CentralPlaza Lardprao, CentralPlaza Chonburi, CentralPlaza Chiangrai, Central Phuket Festival, CentralFestival Pattaya Beach, CentralPlaza Chiangmai and CentralPlaza Rama 2.

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