Italian-Thai Development Reports THB1.2 Billion as Costs and Expenses Pile Up

Italian-Thai Development Public Company Limited (SET: ITD) has published its 2023 earnings report on Friday after requesting the Thai stock exchange for postponement, stating that some financial items required further review by auditors, which led to the Thai regulator putting its securities on ‘suspended’.

ITD stated that revenues from construction work were Baht 56,936 million, a decrease of Baht 2,719 million from the same period of previous year due to the decrease in revenues from construction work of nearly completed projects, such as the double-track railway Map Kabao – Chira junction, contract 3, railway tunnel work project, the Chulabhorn hospital building project, the MRT Orange Line project and the adjustments of revenues from construction work due to the costs of providing certain construction work had not yet been delivered to customers. As a result, they could not be recognized as revenues from construction services.

Including revenue from sales and services, the company recorded a total revenue of Baht 63,742 million in 2023, down from Baht 67,447 million a year prior.

Meanwhile, total costs were Baht 59,753 million in 2023, down from Baht 64,748 million in 2022.

Adding other expenses, including tax, financial costs for the year, the company reported a net loss of Baht 1,253 million in 2023.