Jaymart Group Holdings Public Company Limited (SET: JMART) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
JMART reported a net loss of 611.2 million baht for the second quarter of 2023, a contrast to a net profit of 389 million baht in the same period of last year.
The decline was mainly due to the poor performance from its subsidiary, Singer Public Company Limited (SET: SINGER). In 2Q23, Singer reported a net loss of 2,392 million baht. That credit arising from the end of the COVID-affected debtor relief program at Singer’s subsidiary, the company expects that Singer has estimated such provisions to be sufficient to meet the debtor’s exposure affected by COVID and does not yet have the ability to pay back debt which will be a one-time item.
Other businesses such as its mobile phones and accessories, debt management or even the real estate development business all recorded profit in the quarter.
The company has gross profit according to the consolidated financial statements for the second quarter of 2023, it was 1,136.9 million baht, an increase of 64.8 million baht or an increase of 6 percent when compared to the same period of the previous year.
