Subject: The explanation of operating results for the 2nd quarter 2021
Attention: The President
Overview
2Q21 financial performance and cash management show improvement in liquidity and being financially prudent.
Hotel revenue gradually improved compared with 2Q20.
Background
Due to the prolonged Covid-19 pandemic, the tourism industry has faced the challenging situation since 2020, especially with the emergency decree continuously implemented, and the restrictive
measures to control the travelling across the provinces and curfew measure have led to a sharp decline in the number of international and domestic tourists. As a result, the tourism industry was significantly affected, especially the hotels, restaurants, and transportation businesses. The second wave outbreak in late 2020, which was deemed as the high tourism season period, has severely impacted the hospitality business and disrupted the recovery in tourism sector, resulting in the operational performance of
Despite the year 2021 has started off with extended spreading of the second wave Covid-19, the
Company has taken part as one of the key persons to the
convention hall to be vaccination center, and in cooperation with BDMS to establish PCR test center
of
Later in second quarter, the Company has been one of the spearheads, together with government
authorities, our peers in the tourism sector and all our staffs, in collaborating and leading the '
Sandbox' initiatives, with an utmost attempt to bring back tourism momentum to
Consequently, the Phuket Sandbox has been commenced on
Financial performance
The Company suffered a net loss of
Total revenue for three-month period increased by
The overall revenue from hotel operations which comprise hotel, golf, and retail operations increased by
Revenue from property development operations which comprise property sales and the sale of
holiday club memberships decreased by
Other income increased by
Total expenses reduced by
The cost of hotel operations decreased by
The cost of property development operations decreased by
The cost of office rental operations decreased by
Selling expenses were
Administrative expenses declined by
Share of profit from investment in associates increased by
Finance cost decreased by
Income tax expenses decreased
Profit attributable to the non-controlling interests of the subsidiaries increased by
For the reasons stated above, the company's loss is lower compared to the same period last year.
Sincerely Yours,
(
Senior Assistant Vice President - Head of Finance & Accounting
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