ILM’s 2020 Earnings Drops by 29% due to a Store Closure Nationwide during the Pandemic
ILM’s 2020 Earnings Drops by 29% due to a Store Closure Nationwide during the Pandemic
ILM’s 2020 Earnings Drops by 29% due to a Store Closure Nationwide during the Pandemic
23 ก.พ. 2564

Index Living Mall Public Company Limited (ILM) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

ILM’s net profit in 2020 was Baht 421.2 million, reduced by 29.3% YoY, mainly due to the decrease in operating revenue by 17.1% YoY, as a result of most store closure nationwide between 22 March and 16 May 2020 due to the first epidemic of COVID-19 in late Q1/2020 and some store closure due to the newly merging of COVID-19 inlate Q4/2020, as well as consumers’ cautious spending resulted from concerns about the economy and the COVID-19 pandemic situation. 
 
Although operating revenue decreased, gross profit margin managed to improve by 2.4% YoY and stood at 46.0%, while SG&amp;A reduced. These have resulted from lower production costs, higher production efficiency, and reduced operating costs in every aspect continuously. Online sales grew remarkably by 153.7% YoY, OEM sales roseby 121.4% YoY, and domestic home project sales increased by 12.4%YoY. The company has been able to manage liquidity satisfactorily and repaid long-term loans totaling Baht 1,502.3 million from the beginning of the year 2020, including the prepayment of Baht 1,156.3 million. The Company’s adoption of TFRS 16 resulted in a lower net profit in 2020 by Baht 25.2 million from the recognition of higher depreciation and interest expenses. 