CONSOLIDATED FINANCIAL STATEMENTS
(Unit: THB mn, except share / per share data and ratios)
|
2026 (6 Months ended)
|
2025
|
2024
|
2023
|
2022
|
|
|---|---|---|---|---|---|
| Statement of Comprehensive Income | |||||
| Revenue from sales of real estate |
60.01
|
89.31
|
123.65
|
14.90
|
67.60
|
| Revenue from F&B |
-
|
-
|
-
|
-
|
-
|
| Revenue from rental and service |
20.37
|
40.29
|
23.08
|
37.47
|
36.99
|
| Other revenues |
88.78
|
199.85
|
189.69
|
221.46
|
240.28
|
| Total revenues |
169.16
|
329.45
|
336.42
|
273.83
|
344.87
|
| Cost of sales, rentals and services |
75.23
|
119.48
|
86.34
|
31.34
|
59.10
|
| Selling and administrative expenses |
126.76
|
388.26
|
488.35
|
489.51
|
406.51
|
| Loss on write-off of project development cost |
-
|
-
|
-
|
-
|
-
|
| Loss on fair value measurement of financial assets |
-
|
-
|
260.59
|
-
|
3.54
|
| Loss on advance payment for investments |
-
|
36.00
|
200.49
|
101.83
|
-
|
| Expenses related to litigation |
27.69
|
28.60
|
24.13
|
42.57
|
88.10
|
| Unrealized (gain) loss on exchange rate |
(0.75)
|
(0.47)
|
16.86
|
2.40
|
(7.18)
|
| Gain (loss) on disposal and write-off of investment properties, plant and equipment, net |
(1.74)
|
(11.05)
|
-
|
-
|
-
|
| Total expenses |
227.19
|
560.82
|
1,076.76
|
667.65
|
550.07
|
| Profit (Loss) before finance costs and income tax expenses |
(58.03)
|
(231.37)
|
(740.34)
|
(393.82)
|
(205.20)
|
| Share of Profit (Loss) from investment in JV |
(96.73)
|
(314.75)
|
(131.35)
|
(125.40)
|
136.92
|
| Finance costs |
(207.71)
|
(373.18)
|
(344.06)
|
(308.35)
|
(233.36)
|
| Income tax expenses |
(3.95)
|
(10.84)
|
(11.29)
|
(7.53)
|
(13.45)
|
| Net profit (Loss) |
(366.42)
|
(930.14)
|
(1,227.04)
|
(835.10)
|
(315.09)
|
| Profit (Loss) attributable to equity holders of the parent |
(363.21)
|
(913.13)
|
(1,212.86)
|
(833.44)
|
(312.02)
|
| Statement of Financial Position | |||||
| Cash, cash equivalents and short-term investment |
72.34
|
18.50
|
382.97
|
51.85
|
105.32
|
| Total current assets |
1,635.97
|
3,376.07
|
3,624.26
|
3,192.13
|
1,509.16
|
| Total non-current assets |
4,554.97
|
3,089.01
|
3,632.49
|
4,397.11
|
6,746.19
|
| Total assets |
6,190.94
|
6,465.08
|
7,256.75
|
7,589.24
|
8,255.35
|
| Total current liabilities |
3,877.32
|
3,699.92
|
3,649.77
|
2,726.39
|
2,700.23
|
| Total non-current liabilities |
593.10
|
677.50
|
633.55
|
1,362.70
|
1,256.24
|
| Total interest-bearing-debt |
3,240.64
|
3,240.27
|
3,460.63
|
3,681.97
|
3,533.19
|
| Total liabilities |
4,470.42
|
4,377.42
|
4,283.32
|
4,089.09
|
3,956.47
|
| Issued and fully paid-up share capital |
5,795.22
|
5,795.22
|
5,795.22
|
4,172.48
|
4,172.48
|
| Total equity |
1,720.52
|
2,087.66
|
2,973.43
|
3,500.15
|
4,298.89
|
| * derived from Interest-bearing debt to equity ratio |
1.88
|
1.55
|
1.16
|
1.05
|
0.82
|
| Liquidity Ratios (times) | |||||
| Current ratio |
0.42
|
0.91
|
0.99
|
1.17
|
0.56
|
| Quick ratio |
0.02
|
0.01
|
0.10
|
0.02
|
0.04
|
| Profitability Ratios (%) | |||||
| Gross profit margin from real estate |
-25%
|
-34%
|
30%
|
-110%
|
13%
|
| Net profit margin |
-217%
|
-282%
|
-365%
|
-305%
|
-91%
|
| Return on equity (1) |
-6%
|
-16%
|
-24%
|
-20%
|
-7%
|
| Return on assets (2) |
-6%
|
-13%
|
-16%
|
-11%
|
-4%
|
| Efficiency Ratios (times) | |||||
| Total assets turnover |
0.03
|
0.05
|
0.05
|
0.03
|
0.04
|
| Leverage Ratios (times) | |||||
| Debt to equity ratio |
2.60
|
2.10
|
1.44
|
1.17
|
0.92
|
| Interest-bearing debt to equity ratio |
1.88
|
1.55
|
1.16
|
1.05
|
0.82
|
| Net interest-bearing debt to equity ratio (3) |
1.84
|
1.54
|
1.04
|
1.04
|
0.80
|
| Interest coverage ratio (4) |
(0.28)
|
(0.62)
|
(2.15)
|
(1.28)
|
(0.88)
|
| Growth (% per year) | |||||
| Total asset growth |
-4%
|
-11%
|
-4%
|
-8%
|
-13%
|
| Total liabilities growth |
2%
|
2%
|
5%
|
3%
|
-19%
|
| Total shareholder’s equity growth |
-18%
|
-30%
|
-15%
|
-19%
|
-6%
|
| Total revenues growth |
-49%
|
-2%
|
23%
|
-21%
|
-86%
|
| SG&A expenses growth |
-67%
|
-20%
|
0%
|
20%
|
-38%
|
| Per Share Ratios (THB per share) | |||||
| Weighted average number of ordinary shares (million shares) |
5,795.22
|
5,795.22
|
4,983.85
|
4,172.48
|
4,172.48
|
| Profit (Loss) per share (5) |
(0.06)
|
(0.16)
|
(0.21)
|
(0.20)
|
(0.07)
|
| Book value per share (6) |
0.30
|
0.36
|
0.60
|
0.84
|
1.03
|
| Cash Flow | |||||
| Beginning cash |
18.50
|
382.97
|
51.85
|
105.32
|
1,250.35
|
| Net cash flows from operating activities |
(57.05)
|
(85.79)
|
(472.26)
|
(498.02)
|
(203.74)
|
| Net cash flows from investing activities |
144.77
|
(22.39)
|
254.18
|
454.84
|
(740.43)
|
| Net cash flows from financing activities |
(33.88)
|
(256.29)
|
549.20
|
(10.29)
|
(200.86)
|
| Ending cash |
72.34
|
18.50
|
382.97
|
51.85
|
105.32
|
(1) Return on equity = Profit (loss) attributable to equity holders of the Company / the average of total shareholders' equity of this year and the previous year
(2) Return on assets = Profit (loss) attributable to equity holders of the Company / the average of total assets of this year and the previous year
(3) Net interest-bearing-debt to equity ratio = Total interest-bearing-debt less cash and cash equivalent / total shareholders' equity
(4) Interest coverage ratio = Profit (loss) before finance cost and income tax / finance cost, finance cost means interest and other charges associated with financing e.g. front end fee, etc.
(5) Profit (loss) per share = Profit (loss) attributable to equity holders of the Company / total issued shares of the company
(6) Book value include non-controlling interests of the subsidiaries