14 May 2019 17:48:00
Management Discussion and Analysis Quarter 1 Ending 31 Mar 2019
Management Discussion and Analysis Company name : AQ ESTATE PUBLIC COMPANY LIMITED Year : 2019 Quarter : Quarter 1 Ending : 31-Mar-2019 Note : -Translation- SET. 014/2019 14 May 2019 Subject: Clarification of operating result for Q.1/2019 To: Directors and the Manager The Stock Exchange of Thailand C.C. Secretary of the SEC Office The Board of Director meeting resolution of AQ Estate Public Company Limited No. 5/2019 on 14 May 2019 at 16.00 p.m. have the information list for the Board of Director consideration by notifying this resolution of Board of Directors meeting to the SET office and approved the financial statements for Q.1/2019 ended 31 March 2019 which had already reviewed by the certified public accountant. The AQ Estate Public Company Limited hereby reported its operating results for Q.1/2019, the net loss amounted to 43.61 million baht in the same period of 2018 with net profit of 22.55 million baht. The net loss increased from the year 2018 of 66.16 million baht, making the loss more than 20 % due to the following reasons. Unit: Million Baht Q1-19 Q1-18 Increase (Decrease) % Increase (Decrease) Revenues from Sales and Services 276.86 169.11 107.75 63.72 Cost of Sales and Services 234.25 126.88 107.37 84.62 Gross Profits 42.61 42.22 0.39 0.92 Other Incomes 32.93 48.31 (15.38) (31.84) Expenses 119.16 67.98 51.18 75.29 Finance Costs 36.00 46.00 (10.00) (21.74) Profit (Loss) for the period (43.61) 22.55 (66.16) (293.39) 1. Revenue from sales and services of the company and its subsidiaries in the first quarter of 2019 amounted to 276.86 million baht, compared with the same period of 2018, amounting to 169.11 million baht, an increase of 107.75 million baht or 63.72 % due to the revenues from property sales amounted to 241.80 million baht in Q.1/2019 and in 2018, amounting to 136.04 million baht, an increase of 105.76 million baht or 77.74%. The main reason was that sales of houses had increased. 2. Revenues from hotel businesses and services of company and its subsidiaries for the first quarter of 2019 amounted to 29.94 million baht, an increase of 1.95 million baht or 6.98% from the same period of 2018, due to hotels in Chiang Mai have performance better and the subsidiary company opened hotel service of Alix, Soi Soonwijai therefore makes more incomes. 3. Other incomes of company and subsidiaries amounted to 32.93 million baht in Q.1/2019, a decrease of 15.38 million baht from 2018 or 31.83%. The main reason was that incomes from interest and other businesses declined in 2019. 4. Cost of sales and services amounted to 234.25 million baht in Q.1/2019, compared with the same period of 2018, amounting to 126.88 million baht, an increase of 107.37 million baht or 84.62% because of company and its subsidiaries had increased of property sales in 2019. 5. Gross profit of company and its subsidiaries amounted to 42.61 million baht in Q.1/2019, compared with the same period of 2018, amounting to 42.22 million baht, an increase of 0.39 million baht, representing 0.92% because the company had increased sales of property in the first quarter of 2019. 6. The total of selling and administrative expenses amounted to 119.16 million baht in the first quarter of 2019. In the same period of 2018 was 67.98 million baht, an increase of 51.18 million baht or 75.28% due to increased sales, resulting in higher selling expenses and administrative expenses increased according to economic conditions. From reasons as mentioned above, the company and its subsidiaries had net loss in amount of 43.61 million baht in the first quarter of 2019. Please be aware and please spread further. Yours Sincerely, (Mr. Suthad Chankingthong) (Ms. Ranchana Rajatanavin) Director Director This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement.