STEC Reports Flat Growth in 3Q23 Earnings over High Expenses and Loss from Profit Sharing

Sino-Thai Engineering and Construction Public Company Limited (SET: STEC) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
129.51 138.30
Earning Per Share
0.0800 0.0900
% Change -6.36
9 Months 2023 2022
Net Profit (Loss)
Million Baht
454.14 543.17
Earning Per Share (Baht) 0.30 0.36
% Change -16.39

STEC reported a net profit of 130 million baht in 3Q23, decreased slightly by 6.36% from a net profit of 138 million baht in 3Q22. 

The company recorded a slight increase in revenue by 6% during the third quarter of 2023, but was offset by rising expenses at nearly the same percentage. Meanwhile, the company also recorded a net loss of 54 million baht from share of loss from investment in associates, compared to a gain of 11 million baht in 3Q22.