Singer Thailand Public Company Limited (SET: SINGER) has announced its 3Q24 consolidated financial statements through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
27.19 | 12.58 |
| Earning Per Share (Baht) |
0.0300 | 0.0200 |
| % Change | 116.09 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
75.78 | -3,226.76 |
| Earning Per Share (Baht) | 0.0900 | -3.9600 |
For Q3/2024, SINGER had a net profit of parent at Baht 27 million, an increase from Q3/2023 by Baht 14 million or 108% from the same period of last year.
SINGER reported a revenue for the quarter at Baht 590 million, a decrease by 13% from Baht 675 million recorded in 3Q23. The decrease was mainly due to lower sales revenue for the quarter by 47%.
Meanwhile, the company managed to lower its expenses by 18% YoY to Baht 330 million in 3Q24, and also recorded lower expected credit loss by 10% at Baht 151 million due to decrease in the electrical appliance hire purchase loan portfolio. The subsidiary had a more stringent lending policy. As a result, the amount of new loans for hire purchase contracts for electrical appliances decreased. In addition, the subsidiary significantly recorded additional provisions for expected credit losses from the termination of assistance programs due to the impact of the COVID-19 pandemic.
