News Detail

Date/Time
08 Aug 2019 18:51:00
Headline
Operating Result Quarter 2 Ending 30 Jun 2019
Symbol
CGD
Source
CGD
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                Operating result

Country Group Development Public Company Limited (the "Company") would like to 
report the
operating results of the Company and its subsidiaries for the period ended June 
30, 2019 as follows:
Consolidated Financial Statements (the "Group")
Revenues
In the quarter 2/2019, the Group reported total revenues of Baht 367.64 million,
 increased by Baht 257.06
million or increased by 232.47 percent compared to Baht 110.58 million for the 
same period of 2018. This was
mainly due to an increase of gain on foreign exchange rate by Baht 351.66 
million when compared to the
same period of 2018. Even though, the Group has no revenue from the condominium 
unit transferred of
Elements Srinakarin Project because the project was closed in 2018. The Group 
reported total revenues of Baht
490.42 million for the six-month period of 2019, increased by Baht 241.18 
million or increased by 96.77
percent compared to Baht 249.24 million for the same period of 2018.
The majority of revenues for the quarter 2/2019 are as follows:
? In the quarter 2/2019, the Group reported gain on foreign exchange rate of 
Baht 351.66 million,
increased by Baht 351.66 million or increased by 100.00 percent from the same 
period of 2018. This
was mainly because of during the quarter 2/2019 Thai Baht was appreciated. 
Moreover, the USD
loan of a subsidiary was increased according to construction progress of Chao 
Phraya Estate Project
which has a lot of progress.
? Foreign subsidiary reported rental income from investment property in 
Brighton, United Kingdom in
the quarter 2/2019 of Baht 12.05 million, decreased by Baht 0.82 million or 
decreased by 6.34
percent compared to Baht 12.87 million for the same period of 2018.
Page 2 of 6
? In the quarter 2/2019, the revenue from the condominium unit transferred of 
Elements Srinakarin
Project all decreased by Baht 91.43 million or decreased by 100.0 percent 
compared to Baht 91.43
million for the same period of 2018 due to the project was closed in 2018.
Expenses
In the quarter 2/2019, the Group reported total expenses of Baht 265.64 million,
 decreased by Baht 171.84
million or decreased by 39.28 percent compared to Baht 437.48 million for the 
same period of 2018. This was
mainly due to decrease of cost of condominium sale of Elements Srinakarin 
Project and decrease of loss on
foreign exchange rate amount of Baht 53.63 million and Baht 216.82 million, 
respectively. The Group reported
total expense of Baht 491.66 million for the six-month period of 2019, decreased
 by Baht 29.29 million or
decreased by 5.62 percent compared to Baht 520.95 million for the same period of
 2018.
The majority of expenses for the quarter 2/2019 are as follows:
? In the quarter 2/2019, the Group reported distribution costs of Baht 31.42 
million, decreased by Baht
6.23 million or decreased by 16.55 percent compared to Baht 37.65 million for 
the same period of
2018. This was mainly due to decrease of expenses for marketing activities and 
promotion expenses
of Elements Srinakarin Project as the project was closed in 2018.
? In the quarter 2/2019, the Group reported administrative expenses of Baht 
110.67 million, increased
by Baht 70.79 million or increased by 177.48 percent compared to Baht 39.88 
million for the same
period of 2018 as a result of an increase of pre-operating expenses of Capella 
Hotel Bangkok and
Four Seasons Hotel Bangkok at Chao Phraya River which will be open in 2019. The 
majority of
administrative expenses consist of personnel expense, advisory fee, utilities 
expense, depreciation
and miscellaneous expenses.
? In the quarter 2/2019, the Group reported finance costs of Baht 113.81 
million, increased by Baht
33.81 million or increased by 42.27 percent compared to Baht 80.00 million in 
the same period of
2018. The finance costs for the quarter 2/2019 was resulted from issuance of 
bills of exchange,
issuance of long-term debenture and long-term borrowing for being working 
capital and expansion of
the Group's business.
Page 3 of 6
Consequently, in the quarter 2/2019, the Group reported profit before income tax
 of Baht 102.00 million, profit
increased by Baht 482.90 million or profit increased by 131.20 percent compared 
to loss before income tax of
Baht 326.90 million for the same period of 2018. The Group reported loss before 
income tax of Baht 1.24
million for the six-month period of 2019, loss decreased by Baht 270.47 million 
or loss decreased by 99.54
percent compared to loss before income tax of Baht 271.71 million for the same 
period of 2018.
Income tax revenue
In the quarter 2/2019, the Group reported income tax revenue of Baht 4.40 
million, increased by Baht 4.31
million or increased by 4,636.72 percent compared to income tax revenue of Baht 
0.09 million for the same
period of 2018. This was due to the decrease of deferred tax liabilities of cost
 to obtain contracts with
customers following Thai Financial Reporting Standard No.15 "Revenue from 
Contracts with Customers"
which become effective for the accounting periods beginning on or after January 
1, 2019. The Group
recognized the cumulative effects of initially applying this standard as an 
adjustment to retained earnings as
of January 1, 2019, the date of initial application. In accordance with such 
accounting standard, the Group
required to recognize cost to obtain contracts from customers as an asset and 
amortized to expenses on a
systematic basis that is consistent with the pattern of revenue recognition. The
 Group reported income tax
revenue of Baht 0.23 million for the six-month period of 2019, increased by Baht
 0.04 million or increased by
21.50 percent compared to income tax revenue of Baht 0.19 million for the same 
period of 2018.
Net profit (loss) for the period
The operating result mentioned above resulting in the quarter 2/2019, the Group 
reported net profit of Baht
106.41 million, increased by Baht 433.22 million or increased by 132.56 percent 
compared to net loss of Baht
326.81 million for the same period of 2018. Net profit of Baht 106.41 million 
for the quarter 2/2019 of which
Baht 52.44 million attributed to the parent and the remaining of Baht 53.97 
million attributed to non-controlling
interests. Consequently, net profit which attributed to the parent increased by 
Baht 299.75 million or increased
by 121.20 percent, compared with a net loss attributed to the parent of Baht 
247.32 million for the same
period of 2018.
The Group reported net loss of Baht 1.01 million for six-month period of 2019, 
loss decreased by Baht 270.51
million or loss decreased by 99.63 percent compared to net loss of Baht 271.52 
million for the same period of
2018.
Page 4 of 6
Separate Financial Statements (the "Company")
Revenues
In the quarter 2/2019, the Company reported total revenues of Baht 71.96 
million, decreased by Baht 58.97
million or decreased by 45.04 percent compared to Baht 130.93 million for the 
same period of 2018. This was
mainly due to decrease of revenue from sale of condominium Element Srinakarin 
project because the project
was closed in 2018. However, in the quarter 2/2019, the Company reported 
increase of gain on foreign
exchange rate by Baht 31.43 million in the quarter 2/2019, compared to the same 
period of 2018. The
Company reported total revenues of Baht 105.90 million for the six-month period 
of 2019, decreased by Baht
183.32 million or decreased by 63.38 percent compared to Baht 289.22 million for
 the same period of 2018.
The majority of revenues for the quarter 2/2019 are as follows:
? In the quarter 2/2019, the Company reported interest income of Baht 18.70 
million, decreased by
Baht 0.09 million or decreased by 0.45 percent compared to Baht 18.79 million 
for the same period
of 2018.
? In the quarter 2/2019, the Company reported gain on foreign exchange rate of 
Baht 37.45 million,
increased by Baht 31.43 million or increased by 522.28 percent compared to Baht 
6.02 million for the
same period of 2018. This was mainly because of during the quarter 2/2019 Thai 
Baht was
appreciated together with the Company has liabilities in foreign currency 
greater than assets in
foreign currency in the quarter 2/2019.
? In the quarter 2/2019, the Company reported other income of Baht 15.73 
million, increased by Baht
1.17 million or increased by 7.99 percent compared to Baht 14.56 million for the
 same period of
2018. This was mainly due to increase in service fee income from its 
subsidiaries in accordance with
the increasing in business transactions of the subsidiaries.
Expenses
In the quarter 2/2019, the Company reported total expenses of Baht 130.63 
million, decreased by Baht 47.51
million or decreased by 26.67 percent compared to Baht 178.14 million for the 
same period of 2018. This
mainly due to decrease of cost of condominium sale and decrease of distribution 
costs which correlated with
decrease of revenue from sale of condominium. The Company reported total expense
 of Baht 260.85 million
for the six-month period of 2019, decreased by Baht 113.41 million or decreased 
by 30.30 percent compared
to Baht 374.26 million for the six-month period of 2018.
Page 5 of 6
The majority of expenses for the quarter 2/2019 are as follows:
? In the quarter 2/2019, the Company reported distribution costs of Baht 2.33 
million, decreased by
Baht 6.20 million or decreased by 72.66 percent compared to Baht 8.53 million 
for the same period
of 2018. This was mainly due to a decrease of expenses for marketing activities 
and promotion
expenses of Elements Srinakarin Project which correlated with a decrease of 
revenue from sale of
condominium.
? In the quarter 2/2019, the Company reported administrative expenses of Baht 
39.72 million,
increased by Baht 4.12 million or increased by 11.59 percent compared to Baht 
35.60 million for the
same period of 2018. The majority of administrative expenses consist of 
personnel expense, advisory
fee, utilities expense, depreciation and miscellaneous expenses.
? In the quarter 2/2019, the Company reported directors and managements' 
remuneration of Baht 9.05
million, increased by Baht 0.31 million or increased by 3.64 percent compared to
 Baht 8.74 million for
the same period of 2018. The increase correlated with business expansion.
? In the quarter 2/2019, the Company reported finance costs of Baht 79.49 
million, increased by Baht
7.84 million or increased by 10.94 percent compared to Baht 71.65 million for 
the same period of
2018. The finance costs for the quarter 2/2019 was resulted from issuance of 
bills of exchange,
issuance of long-term debenture and long-term borrowing for being working 
capital and expansion of
the Group's business.
Consequently, in the quarter 2/2019, the Company reported loss before income tax
 of Baht 58.17 million, loss
increased by Baht 11.05 million or increased by 23.46 percent compared to the 
loss before income tax of
Baht 47.12 million for the same period of 2018. The Company reported loss before
 income tax of Baht 154.96
million for the six-month period of 2019, loss increased by Baht 69.91 million 
or loss increased by 82.21
percent compared to loss before income tax of Baht 85.04 million for the 
six-month period of 2018.
Income tax revenue
The Company reported income tax revenue in the quarter 2/2019 of Baht 0.50 
million, increased by Baht 0.41
million or increased by 438.67 percent compared to income tax revenue of Baht 
0.09 million for the same
period of 2018. The Company reported income tax revenue of Baht 0.61 million for
 six-month period of 2019,
increased by Baht 0.42 million or increased by 226.67 percent compared to income
 tax revenue of Baht 0.19
million for the six-month period of 2018.
Page 6 of 6
Net loss for the period
The operating result mentioned above resulting in the Company reported net loss 
for the quarter 2/2019 of
Baht 58.17 million, loss increased by Baht 11.05 million or increased by 23.46 
percent compared to the net
loss of Baht 47.12 million in same period of 2018. The Company reported net loss
 of Baht 154.35 million for
six-month period of 2019, loss increased by Baht 69.49 million or loss increased
 by 81.89 percent compared
to loss before income tax of Baht 84.86 million for the six-month period of 
2018.
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