MTC Records 22% Decline in 1Q23 Net Profit from Rising Expenses and Expected Credit Loss

Muangthai Capital Public Company Limited (SET: MTC) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q23 1Q22
Net Profit (Loss)
Million Baht
1,070.08 1,375.56
Earning Per Share
0.5000 0.6500
% Change -22.21

MTC recorded Baht 1,070 million of net profit in 1Q23, decreased 22.21% from a net profit of Baht 1,375 million in 1Q22. 

For the three-month period ended 31 March 2023, total revenue was Baht 5,630 million, increasing by Baht 1,182 million, or 26.57%, from the same period of the previous year.

Meanwhile, selling and administrative expenses were Baht 2,352 million, increased by Baht 389 million, or 19.82%, from the same period of the previous year.  

Expected credit loss was Baht 954 million, increasing by Baht 785 million, or 464.50%, from the same period of the previous year. 

As at 31 March 2023, the number of branches was 6,962 increased by 294 branches, from the end of the year 2022.