ILM reported its Q1/2022 net profit of 160.6 million baht, increased by 10.5% YoY and 6.4% QoQ, the highest in 10 quarters since Q3/2019. Revenue from rental and rendering of services made a record high. Operating results will continue to grow for the year 2022.

Miss Kridchanok Patamasatayasonthi, Managing Director of Index Living Mall Public Company Limited (ILM), Thailand's leading integrated retailer of furniture and home furnishing products, revealed the Q1/2022 operating results that the Company recorded total revenue of 2,149.3 million baht, slightly increased by 0.1% YoY, despite the Company's termination of home electric sale under the brand of Power One and changing the sales area of Power One to be the rental spaces to Com7 Public Company Limited (COM7). Net profit in Q1/2022 reached 160.6 million baht, the highest in 10 quarters since Q3/2019, which was the period before the COVID-19. The support factors included growing retail sales and online sales, rising revenue from rental and rendering of services, significantly improved gross profit margin, and continuous long-term loan prepayment.

Miss Kridchanok further clarified that since the COVID-19 outbreak at the beginning of 2020, the Company's operating results have been impacted repeatedly, especially during the government's lockdown measures. However, after the government eased the latest lockdown measures on 1 September 2021, the Company's operating earnings have been recovering significantly. Net profit in Q4/2021 and Q1/2022 already returned to the same level as before the COVID-19 outbreak in 2019.

The domestic economy and the Company's business are still facing risks from the COVID-19 outbreak and rising costs of goods resulting from the rise in global inflation and the situation between Ukraine and Russia that affects energy and commodity prices. However, as there should be no lockdown again in Thailand, economic activities are increasing, tourism should be recovering continuously after the country's full opening on 1 May 2022, robust exports should continue to expand healthily, all along with the government's economic stimulus measures, the Company projects that its 2022 sales will be increasing in all major channels. Together with the increased revenue from rental and rendering of services, which has made a historical high in Q1/2022 and effective cost management, the Company is confident that its operating results in 2022 will return to the same level as before the COVID-19 outbreak in 2019, concluded Miss Kridchanok.