Osotspa Public Company Limited (SET: OSP) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
-361.20 | 642.13 |
| Earning Per Share (Baht) |
-0.1200 | 0.2100 |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
1,071.32 | 1,969.41 |
| Earning Per Share (Baht) | 0.3600 | 0.6600 |
| % Change | -45.60 | |
OSP reported a net loss for 3Q24 of 361 million Baht, a decrease of 156.3% year-on-year (YoY). The reported loss included net impact totaling 1,033 million Baht from divestment in glass bottle manufacturing and distribution business in Myanmar according to investment strategy disclosed to the Stock Exchange of Thailand on August 30, 2024, and the disposal of investment properties. Excluding these non-recurring items, the Company had core profit from operations of 672 million Baht, an increase of 19.5% YoY, due to the following factors:
- Domestic beverage sales revenue contracted from the impact of flooding in the northern and northeastern regions, while revenue from international beverage, personal care, and glass OEM services increased.
- Gross profit margin expanded from lower raw material and energy costs.
- Selling and distribution expenses were well-managed by aligning the spending phasing of promotional and marketing campaign and consumer spending.
- Higer sales contribution of glass bottle OEM and international beverages, which is entitled for tax privilege, resulted in a lower effective tax rate
As for revenues from sales of 3Q24, the company reported Baht 6,043 million, a decrease of 3.7% year-on-year (YoY). This revenue came from beverage, personal care products, and other segments sale.
Revenue in this quarter from beverage sales was 4,639 million Baht, a decrease of 8.5% YoY. The factors affecting operations are as follows:
- Domestic revenues decreased by 14.7% due to the impact of flooding in the northern and northeastern regions, affecting transportation and consumption. Additionally, C-Vitt were in the process of managing inventory in the market to accommodate the new C-Vitt Vitamin C 1,000 mg products.
- International revenue grew by 22.3%, primarily driven by sales growth in Myanmar and Laos.
Revenue in this quarter from personal care product sales was 702 million Baht, an increase of 8.5% YoY. The factors contributing to these results include:
- Revenue from baby products under Babi Mild grew by 2.4% YoY, primarily driven by growth in international markets, especially Myanmar and Laos.
- Revenue from women’s beauty products under Twelve Plus and male grooming products under Exit grew by 23.6% YoY from the product innovation that could meet customer demand with expanded across product categories.
Revenue from other segments was 702 million Baht, an increase of 25.6% YoY. This growth was mainly due to a 38.7% YoY increase in revenue from glass OEM revenues as the Company was able to accelerate production and deliver to customers ahead of schedule.
