Loss from Profit Sharing Weigh on NEX 1Q24 Earnings despite Better Core Operations

NEX Point Public Company Limited (SET: NEX) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 1Q24 1Q23
Net Profit (Loss)
Million Baht
49.30 152.09
Earning Per Share
0.0200 0.0900
% Change -67.58

NEX reported a net profit of Baht 49.30 million in 1Q24, decreased by Baht 102.78 million, or 68%, as compared to the same period of previous year, which incurred a decrease from a share of gain from an investment in an associate due to a decline in sales and delivering products to customers in the first quarter.

As for its core operations, the commercial EV business recorded a 52% growth in gross profit to Baht 151 million. The computer and software system business saw a 8% growth in gross profit to Baht 31.79 million, while the logistic services business saw improvement with Baht 2.4 million of loss, compared to Baht 10.12 million of loss in 1Q23.

However, the company recorded a loss of Baht 13.72 million from an investment in an associate, compared to a gain of Baht 139 million in 1Q23.