XPG Logs THB38 Million Net Loss in 1Q22

XSpring Capital Public Company Limited (SET: XPG) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
(38.089) 50.407
Earning Per Share
(0.004) 0.03
% Change

XPG reported net loss for the first quarter 2022 of THB38.09 million, comparing with the first quarter last year which reported net profit of THB50.41 million, decreased by THB88.50 million, mainly as a result of the company had lower total revenue by THB53.59 million or 214%, while total expenses increased THB27.98 million or 58% to THB76.14 million.

Revenue from fee and service was THB4.45 million, increasing by THB3.53 million, mainly from the increase of the service fee recognition from rendering ICO portal of XSpring Digital Co., Ltd.,. Interest income was THB25.71million, increasing by THB25.38 million, derived mainly from interest income of the company’s investments and business operation of subsidiaries.

Loss from investment in this quarter was THB60.02 million, resulting a revenue from the investment to decrease by THB81.31 million, was mainly from an unrealized loss on investment in marketable unit trusts essentially from Asian Market and Developed Market (DM) essentially the United States. Due to the volatility of both domestic and international markets which is expected to recover in the near term.

Meanwhile, the share of profit from associates in the first quarter 2022 was THB65.41 million, decreased from the same period last year of THB5.01 million.