PLANB’s 3Q Profit Slumps 99%, Hurting by a Decline in Revenue and TFRS16 Implementation

PLANB’s 3Q Profit Slumps 99%, Hurting by a Decline in Revenue and TFRS16 Implementation

Plan B Media Public Company Limited (PLANB) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

The net profit of PLANB in Q3 2020 reached THB 1 million, a decrease of THB 185 million or 99.4% YoY, but increased THB 86 million or 101.3% compared to Q2 2020, mainly due to a decline in operating revenue of THB 309 million or 26.2% over the same period last year. However, If remove the impact of TFRS16 amounting to THB 14 million, the recurring net profit available for PLANB in Q3 2020 reached THB 15 million.

 

PLANB’s operating revenue for Q3 2020 reached THB 867 million consisting of revenue from out-of-home media reported at THB 727 million, a decrease of 21.8% YoY due to the impacts on the advertising industry from COVID-19 outbreak that delayed some advertising spend to Q4 2020, and revenue from engagement marketing business reported at THB 140 million, a decrease of43.2% YoY due to the postponement of events in compliance with social distancing measures.

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