Central Pattana 3Q Net Profit Fell 12%, But Business Shows Signs of Improving
By P.R. Venkat
Central Pattana PCL’s net profit fell 12% in the third quarter from a year earlier as company’s malls and food-center services continued to take a hit from Covid-19 restrictions.
Net profit during the quarter ended September came in at 2.48 bilion baht ($81 million), while revenue slid 19% to THB7.60 billion, the company said Monday.
On a quarter-on-quarter basis, the company’s performace improved as the easing of pandemic restrictions drove an uptick in business.
In the second quarter, Central Pattana posted a TH611 million loss.
“However, the recovery will be varied from one tenant to another, especially the smaller business owners that may require more time to recover. Hence, the company does not expect its performance to return to precedented levels within this year,” it said.
Central Pattana is a unit of Central Group which is involved in property development, financial services and financial technology, and owns luxury department stores in Italy, Germany and Denmark.
Write to P.R. Venkat at [email protected]
(END) Dow Jones Newswires
November 09, 2020 01:25 ET (06:25 GMT)
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