Home Product Center : Third-Quarter Net Profit Fell 5.5% as Consumers Delayed Spending

Thailand-based Home Product Center PCL's third-quarter net profit fell 5.5% from a year earlier as consumers delayed spending on home goods and renovations due to the economic impact of the Covid-19 pandemic.

Net profit was 1.40 billion baht ($44.8 million), the company said Tuesday.

Total revenue fell 2.2% to THB16.02 billion.

The company said its gross margin continued to be hurt by a change in its sales mix toward lower-margin products such as air conditioners, refrigerators, and washing machines. It added that online sales "continue to grow significantly."

Rental and service income fell 12% as the company lowered rent for some tenants amid the pandemic, it said.

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(END) Dow Jones Newswires

10-26-20 2136ET