Kerry Express (Thailand) Public Company Limited (SET: KEX) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
In 2Q23, KEX reported a net loss of THB 1,047.7 million, a 33.0% wider loss than that of 1Q23. The delivery volume marginally declined by 3.0% QoQ. This was mostly from a continuing drop in demand from e-commerce platforms.
Sales and service income reported at THB 2,923.3 million, decreased by 6.6% QoQ. The decline was mainly from a slight decline in delivery volume from B2B and B2C segments as well as a slight drop in average revenue per parcel during the quarter.
Cost of sales and services reported at THB 3,814.8 million, slightly increased by 2.4% QoQ. Although fuel cost has been slightly dropped, KEX’s outsourced transport and agent commission costs remained challenges due to the labor shortage caused by the recovery of tourism and service industries.
KEX stated that it expected during 2H2023, the delivery volume would recover from the favorable expansion of private consumption which has been revised by the Bank of Thailand from a 3.2% increase in the previous estimation to a 3.7% increase. In addition, there will be the 11-11 / 12-12 campaign periods which will also boost the delivery volume.