Sino-Thai Engineering and Construction Public Company Limited (SET: STEC) has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q24 | 1Q23 |
| Net Profit (Loss)
Million Baht |
14.00 | 170.99 |
| Earning Per Share
(Baht) |
0.0100 | 0.1100 |
| % Change | -91.81 | |
STEC reported a net profit in 1Q24 of Baht 14.00 million, a decrease of 91.81% or Baht 156.99 million compared to Baht 170.99 million from the same period last year.
The company had total revenues for the first quarter of 2024 amounting to Baht 6,535.12 million, increasing by Baht 70.69 million from the same period of the year 2023. The major sources of revenue are from construction contracts, amounting to Baht 6,458.66 million, and rental income, amounting to Baht 25.10 million.
The company has recognized its share of loss from investments in associates in the amount of 146.15 million baht, whereas in the same period of the previous year, it has recognized its share of losses from investments in associates in the amount of 0.61 million baht. In addition, the share of loss from investments in associates are the recognition of operating results of the Yellow line and the Pink line projects, joint venture companies, which opened for commercial operation on July 3, 2023 and January 7, 2024, respectively. Both lines are in the early stages of operation, consequently their operating results have not reached the break-even point.
