KCE Electronics Public Company Limited (SET: KCE) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
In 2Q23, KCE reported a net profit of THB 376.2 million and total sales of THB3,897.8 million, compared to THB571.9 million net profit and THB 4,667.4 million total sales in the second quarter last year. The net profit dropped YoY by 34.2% but increased QoQ by 8.89%.
The significant drop in profitability was driven by the lower demand from the customers due to the slowdown of the global economy and overstocking of customer stock, which caused lower production and facility utilization directly. While the company bears the burden of fixed overhead costs such as depreciation and machinery maintenance expenses, it consequently results in basic earnings per share of THB0.32 for 2Q23.
Operating profit in 2Q23 totaled THB320.2 million (excluding a gain on the foreign currency exchange rate of THB59.2 million and oversea withholding tax of dividend receipt THB3.2 million), representing a slightly increase of 1.91% QoQ but decrease significantly 46.78% YoY.