By P.R. Venkat
Central Retail Corp.'s third quarter net profit fell nearly 48% on year as government restrictions to contain the spread of the Covid-19 pandemic continued to weigh on the company's businesses.
Net profit for the quarter ended September was 869 million baht ($28.8 million), Central Retail said late Thursday.
Total revenue fell 11% on year to THB47.57 billion.
The company said that despite easing of pandemic restrictions, domestic consumer spending hasn't fully recovered on concerns of a second wave of Covid-19.
"Therefore, our business has been affected in every segment, particularly fashion in Thailand and Italy," it said.
Central Retail was listed on the Thailand Exchange earlier this year after raising $2.5 billion, which made it the country's largest initial public offering on record.
Central Retail operates three business segments--fashion, food and speciality merchandise--offering construction materials, home decorations as well as consumer electronics and appliances.
Write to P.R. Venkat at firstname.lastname@example.org
(END) Dow Jones Newswires