Central Plaza Hotel Public Company Limited (CENTEL) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;
CENTEL reported a net loss of 897 million baht in 3Q20 decreased from a profit of 214 million baht in 3Q19, mainly due to a drop in total revenues by 1,903 million baht 38.3% YoY to 3,061 million baht. While gross profit was 1,521 million baht, a decrease of 42.2% YoY, representing a gross profit margin of 50.8% of total revenues.
Even though the total revenues increased from 2Q20 since the hotels have been reopened and food business resumed operation as normal, earning before interest, tax, depreciation and amortization margin significantly declined QoQ and YoY.
This is because of an increase in costs and operating expenses, staff compensation relating to early retirement program, recognized loss from exchange rate, sharing loss from investment by the equity method and impact from change in new standard.