News Detail

Date/Time
27 Feb 2020 21:20:00
Headline
Management Discussion and Analysis Yearly Ending 31 Dec 2019
Symbol
AQ
Source
AQ
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                Management Discussion and Analysis

Company name                             : AQ ESTATE PUBLIC COMPANY LIMITED
Year                                     : 2019
Quarter                                  : Yearly
Ending                                   : 31-Dec-2019
Note                                     :
-Translation-
SET. 007/2020
    
        
        27 February 2020


Subject:    Clarification of the annual operating result 2019
To:        Directors and the Manager
                    The Stock Exchange of Thailand
CC:           Secretary of the SEC Office

According to the resolution of the Board of Directors' Meeting of AQ Estate 
Public Company Limited No. 2/2020 on 27 February 2020 at 15.00 p.m., the Board
of Director have considered the information items that could notify the
resolution of Board of Directors meeting to the SET.office, are to approve the
reviewed annual financial statements 2019 ended 31 December 2019 by the
certified public accountant successfully.
AQ Estate Public Company Limited hereby reported its operating results for the 
year 2019 with net loss of Baht 186.37 million and net Profit of Baht 74.89
million in 2018 for the period then ended, resulting in an increase in losses of
 Baht 261.26 million from 2018 with more than 20% due to the following reasons.
             Unit: Million Baht
     2019    2018    Increase (Decrease    %Increase (Decrease)
Revenues from Sales and Services    642.23     521.05     121.18     23.26
Cost of Sales and Services    582.33     445.32     137.01     30.77
Gross Profits    59.90     75.73     (15.83)    (20.90)
Other Incomes    134.57     303.38     (168.81)    (55.64)
Expenses    379.77     304.29     75.48     24.81
Financial Costs    1.33     0.14     1.19     850.00
Income Tax (revenues)    260.00     204.00     56.00     27.45
Profit (loss) for the year    (186.37)    74.89     (261.26)    (348.86)

Revenues from sales and services of the company and its subsidiaries amounted to
Baht 642.23 million for the year 2019, compared with amounting to Baht 521.05
million in 2018 for the period then ended, an increase of Baht 121.18 million or
 23.26 % due to the following reasons:
1.    Revenues from sale of property was Baht 489.37 million. In the year 2018 
amounted to Baht 399.82 million, an increase of Baht 89.55 million or 22.40%,
mainly due to the increase in single house sales.
2.    Revenues from hotel operations and services of the company and its 
subsidiaries amounted to Baht 131.41 million for the year 2019. In the year 2018
amounted to Baht 100.73 million for the period then ended, an increase of Baht
30.68 million or 30.46% due to the better performance of the hotels in Chiang
Mai and the subsidiary opened the Alix hotel service, Soi Soonwijai and hotels
in Koh Tao, resulting in more revenues.
3.    Other incomes of company and its subsidiaries amounted to Baht 134.57 million
for the year 2019, a decrease of Baht 172.81 million from 2018 or 56.96%,
mainly reason due to the subsidiary has recognized income from debt
restructuring and accounts payable and the company had interest income decreased
 in the year 2019.
4.    Cost of sales and services amounted to Baht 582.33 million in 2019, compared 
with amounting to Baht 445.32 million in 2018 for the period then ended, an
increase of Baht 137.01 million or 30.77 % because cost of property sold
compared to sales with a rate of 75.99% in 2019 and cost of property sold
compared to sales with a rate of 68.58% in 2018.
5.    Gross profit of company and its subsidiaries amounted to Baht 59.90 million 
in 2019, compared with amounting to Baht 75.73 million in 2018 for the period
then ended, a decrease of Baht 15.83 million, representing 20.90% due to
property sold increased for the year 2019 and gross margin dropped from 2018
because the company has organized promotions to stimulate sales in economic
recession.
6.    Selling and administrative expenses were Baht 334.45 million in 2019 and Baht
266.60 million in 2018 for the period then ended, an increase of Baht 67.84
million or 25.45% due to the increased personnel expenses and litigation costs.
7.    Income tax (revenues) of the company and its subsidiaries were Baht 0.26 
million for the year 2019 and Baht 0.21 million in 2018 for the period then
ended, an increase of Baht 0.05 million or 2.81%.
For the reason mentioned above, the net loss of company and its subsidiaries 
amounted to Baht 186.37 million for the year 2019.

Please be aware and please spread further.

Yours Sincerely,

(Mr. Suthad Chankingthong)     (Ms. Ranchana Rajatanavin)
Director                               Director
 
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