KCE Electronics Public Company Limited (SET: KCE) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Year | 1Q23 | 1Q22 |
| Net Profit (Loss) Million Baht |
345.47 | 589.77 |
| Earning Per Share (Baht) |
0.29 | 0.50 |
| % Change | -41.42 | |
For the three-month period ended March 31, 2023, KCE achieved a net profit of 345.5 million, with total sales of THB4,024.9 million compared to a net profit of THB589.8 million and total sales of THB4,532.6 million in the same period last year.
The significant drop in profitability was driven by the strengthened Baht against the US dollar, which negatively impacted lower revenue in Baht including the lower demand from the customers due to the global economic situation, while the cost of the product is still high because of high Baht-price raw material inventory consumption, along with manufacturing overhead increasing mainly from electricity charge which had a significantly higher rate in 1Q23, and a burden of other fixed overhead cost such as depreciation and machinery maintenance expense. This resulted in basic earnings per share of THB0.29 for 1Q23.
Sales revenue for the first quarter in Baht terms was reported at THB4,024.9 million, declining 12.93% Q-o-Q and 11.20% Y-o-Y, while sales revenue in USD terms also decreased by 6.87% and 13.38% Q-o-Q and Y-o-Y respectively. The FX rate change of THB against the US dollar in the period resulted in a loss in revenue recognition in Thai Baht terms of THB203.16 million in Q-o-Q, but a gain of THB56.96 million in Y-o-Y.
