LH Reports Nearly 50% Drop in 3Q23 Net Profit from a Slowdown in Sales

Land and House PCL (SET: LH) reported its financial result on 9 November which details the following.

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
1,185.40 2,248.83
Earning Per Share
0.1000 0.1900
% Change -47.29
9 Months 2023 2022
Net Profit (Loss)
Million Baht
3,989.10 6,319.56
Earning Per Share (Baht) 0.33 0.53
% Change -36.88


In Q3 of 2023, LH recorded a net profit of 1,185.40 million baht, a decrease of 1,063.43 million baht or 47.29% YoY compared to 2,248.83 million baht in Q3 of 2022.


This was due to a decrease of 40.69% YoY on sales income to 4,450.85 million baht,  Meanwhile the indirect cost did not decrease in the same proportion as sales and a decrease by 5.64% YoY on gross profit margin to 26.31%. These two decreases have a negative impact on gross profit by 1,226.99 million baht, which offset the increase on rental and services income.


The gross profit of rental and services income increased in the amount of 317.33 million baht due to the easing of the Covid-19 pandemic situation in 2023 and the opening of a hotel and a shopping center at the end of 2022. Meanwhile, the share of profit from investment in associates increased to 43.33 million baht which was the better operation from the same period last year.