Central Pattana’s Third Quarter Earnings Down by 82% Amid Temporary Closure of Malls
Earnings of CPN's third-quarter earnings slump largely attributed to malls closure and relief programs for tenants 
Earnings of CPN's third-quarter earnings slump largely attributed to malls closure and relief programs for tenants
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In the third-quarter 2021 Central Pattana Pcl. (CPN) reported total revenue of THB 5103 million which is a decrease of 32.9% year-on-year. Accordingly for the first nine months of 2021, reported revenue stood at THB 23,753 million which is a decrease of 12%.
Excluding non-recurring items and impact from implementation of financial reporting standard, revenue stood at THB 4,808 million a decrease of 35.4% year-on-year. The decrease in revenue is mainly attributed to rent waiver and discounts to tenants during temporary closure of shopping malls and restrictions on marketing actives and events.

Performance of core business which includes rental and services and food center business declined 37.7%  and 64.6% year-on-year respectively. However, non-core businesses of hotel operations and residential sales increased by 18.8% and 6.3% respectively.
Total costs stood at THB 3,360 million which is an increase of 9.4% year-on-year and for nine months the figure stood THB 10,464 million a decrease of 3.1% year-on-year. Total administrative expenses stood at THB 1,289 and increase of 10.8% year-on-year attributed to marketing and administrative expenses to support economic activities and campaigns.
Net profit for third-quarter 2021 is reported as THB 229 a decrease of 82% quarter-on-quarter and a decrease of 91% year-on-year. In aggregate for nine-month 2021 net profit stood at THB 5,332 million.
Price performance of the stock year-to-date is 45.0% and trading at P/BV of 21.01x.
* Note: Earning figures are in THB million