CPN Reports 11-Fold Profit Rise in 3Q22 as Core Business Recovers

Central Pattana Public Company Limited (SET: CPN) has announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
2,872 229
Earning Per Share (Baht) 0.64 0.05
% Change 1,153
6 Months 2022 2021
Net Profit (Loss)
Million Baht
7,954 5,332
Earning Per Share (Baht) 1.77 1.19
% Change 49

In 3Q22, CPN reported total revenue of THB9,349 million, and a net profit of THB2,872 million, growing 83% and 1,153% YoY respectively. Excluding the non-recurring items and the impact of financial reporting standards, CPN’s core performance showed total revenue of THB9,559 million, and a net profit of THB2,735 million, which increased by 99%, and 1,274%YOY respectively. 

CPN said in its 3Q22 consolidated financial statement that the core business showed steady improvement, especially hotel business and food center service. The company continues to implement effective cost-saving initiatives which also help enhance its margin.

Total income for the quarter was THB9,559 million, which increased 99% YoY and 7% QoQ from a continuous recovery in core businesses;

1. Rental & Service business has a revenue of THB8,161 million, increased 98% YoY and 6% QoQ on account of a COVID19 lockdown measure in 3Q21. YoY growth also reflects the opening of 3 new shopping malls, Central Si Racha, Central Ayutthaya and Central Chanthaburi, along with an acquisition of Siam Future Development PLC during the year, resulting in a 13% increase in NLA. Overall, rental & service revenue grew from less discount support to tenants due to normalized situation to pre-COVID19 period, followed by thriving tenant sales. Lastly, office for rent revenue also grew 24% YoY and 2% QoQ to THB349 million from a higher utility income.

2. Food center services posted revenue of THB182 million, surged 321% YoY and 16% QoQ from a strong occupancy rate and better tenant sales.

3. Hotel business recorded revenue of THB252 million, up 593% YoY and 24% QoQ. Active domestic tourism underpinned average occupancy rate to 61% from 60% in 2Q22 and 18% in 3Q21 with a 13%QOQ and 82%YOY boost in average daily room rate.