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Central Pattana Posted Loss in 2Q as Covid-19 Hurt Malls Business

   By P.R. Venkat 
 

Central Pattana PCL posted a loss in the second quarter as the company's malls and food-center service took a hit from Covid-19 restrictions.

Net loss for the quarter ended June came in at 611 million baht ($19.7 million), while revenue fell 61% to THB3.61 billion, the company said Friday.

The temporary closure of malls led to rental revenue falling during the quarter, the company said, adding that it doesn't expect its businesses to reach pre-Covid levels this year.

The company said it is looking to expand in Southeast Asia, especially markets of Malaysia and Vietnam to increase its avenues to generate more revenue.

Central Pattana is a unit of Central Group, which is owned by the Chirathivat family, which has a net worth of $9.5 billion, according to Forbes.

Central Group is involved in property development, financial services and fintech, and owns luxury department stores in Italy, Germany and Denmark.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

(END) Dow Jones Newswires

August 14, 2020 00:15 ET (04:15 GMT)

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