The share price of Sino-Thai Engineering and Construction Public Company Limited (SET: STEC) plunged 8% to THB8.25 per share in the morning session on August 15, 2024, following a sharp drop in 2Q24 earnings that the company disclosed through the Stock Exchange of Thailand last night.
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss) Million Baht |
25.26 | 153.64 |
| Earning Per Share (Baht) |
0.0200 | 0.1000 |
| % Change | -83.56 | |
| 6 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
37.11 | 324.63 |
| Earning Per Share (Baht) | 0.0200 | 0.2100 |
| % Change | -88.57 | |
STEC announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand with a net profit of Baht 26 million, a sharp drop from Baht 153 million in 2Q23.
The company had a total revenues for the three-month period in 2024 amount of Baht 8,684.63 million, compared to the same periods of the previous year, the total revenue was Baht 7,396.70 million, which increased by Baht 1,287.93 million or 17.41%.
The major revenues were from construction contracts, amounting to Baht 8,429.37 million for the three-month period.
Meanwhile, total expenses rose 16% to Baht 8,463 million. The company recorded loss from investment in associates of Baht 166 million in the quarter, compared to Baht 35 million of profit in the second quarter of last year. STEC also recorded higher financial cost.
