KCE’s 3Q23 Earnings Drop 20% to THB520 Million over Lower Revenue and FX Loss

KCE Electronics Public Company Limited (SET: KCE) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
519.53 655.24
Earning Per Share
0.4400 0.5500
% Change -20.71
9 Months 2023 2022
Net Profit (Loss)
Million Baht
1,241.18 1,816.92
Earning Per Share (Baht) 1.0500 1.5400
% Change -31.69

KCE reported a net profit of 519 million baht in 3Q23, decreased 20.71% from a net profit of 655 million baht in 3Q22. The decrease was mainly due to lower revenue in the quarter and higher selling and administrative expenses as well as a loss in FX.

Consolidated sales revenue of 3Q23 in Baht terms was reported at 4,326.5 million baht, increased 11.00% QoQ but decreased 6.63% YoY, while sales revenue in USD terms also increased by 8.86% QoQ but decreased 3.27% YoY. The FX rate change of Thai Baht against the US dollar in the period resulted in a gain in revenue recognition in Thai Baht terms of 59.15 million baht in QoQ but resulted in a loss 103.02 million baht in YoY.

The gross profit margin in 3Q23 was 22.0% of sales, increased from 19.1% in 2Q23 but decreased from 24.3% in 3Q22. The main factors come from the fluctuation of the Thai Baht against the US Dollar, where the depreciation has a positive impact on income..