Profit from CPN, turnover increases despite difficult conditions

CentralWorld shopping mall in Bangkok. The CPN provides vaccination centers in 23 of its shopping centers across the country, covering a total area of ​​40,000 square meters.

Central Pattana Plc (CPN) made profits of 1.27 billion baht on total revenue of 6.36 billion baht in the second quarter of 2021.

The company said both revenue and profits were up from the same quarter last year, when the country implemented more stringent lockdowns, but its earnings reports continue to be heavily affected by the Covid-19 situation.

However, CPN said it has been able to maintain a strong financial position through effective business management and has continued to implement relief measures for tenants, employees and other stakeholders.

Naparat Sriwanvit, chief financial officer and senior executive vice president of finance, accounting and risk management at CPN, said that in the second quarter of this year, the company was able to maintain its ability to manage with effectiveness, despite the ongoing pandemic.

The company generated total revenue of 6.36 billion baht and net profit of 1.27 billion baht in the second quarter, both of which are higher than the second quarter of last year, when the outbreak of Covid-19 began in Thailand and the government has launched a nationwide lockdown campaign.

“This year, the activity of shopping centers, which is the core business of the company, has been affected by the third epidemic of Covid-19, the severity of which remains worrying,” said Ms. Naparat.

“However, the company uses a risk management approach and uses its strength to have a nationwide network of shopping malls, some of which are still open, particularly those located outside of Bangkok in the provinces.”

At the same time, CPN has accelerated the development of new online and offline channels to increase convenience for customers and provide stores with the opportunity to increase sales.

This is accompanied by effective financial management, reduction and control of operational costs and expenses, retention of cash flow and liquidity at a sufficient level.

“The company continues to monitor, revise and adjust its business plans according to the situation, taking into account all the stakeholders, who are considered to be at the heart of the plans, which is a principle that the company has always followed, ”Ms. Naparat said.

The CPN continued to implement sanitary measures as part of its central hygiene and safety master plan, while supporting more than 15,000 partners and contractors across the country through rent reductions and subsidies. exemptions for stores belonging to types of businesses ordered by the government.

In addition, the company helped its partners access rehabilitation loans from seven banks.

For store tenants, the company has tailored its marketing strategies to help drive sales, while developing new online services and platforms.

In the second quarter of 2021, CPN signed an agreement to acquire shares of Siam Future Development (SF) from the former main shareholders of SF, in order to strengthen its activity and expand its portfolio, which now contains two super regional shopping centers, namely Central WestGate and Megabangna.

In addition, the CPN provides space for immunization centers in 23 of its shopping centers across the country, representing a total space of 40,000 square meters.

In the second half of this year, the company plans to continue supporting its stakeholders and cooperating with the public sector on Covid deterrence, while preparing to adjust its business strategies as the situation evolves.

The CPN will continue to develop three mixed-use projects, Central Ayutthaya and Central Siracha, which are slated to open at the end of this year, and Central Chanthaburi, which are slated to open in mid-2022. Dusit Central Park, a project jointly developed by Central Pattana and Dusit Thani, is expected to gradually open between 2023 and 2024.

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