DoHome sales soar, net income plunges

Thai home improvement retailer Dohome Public Co Ltd., a SET 100 company, reported a 24.1-per cent rise in sales, but continues to be hounded by higher costs. The company disclosed revenues of 7.938 bn Thai baht (THB, approx. EUR 219.51 mio), supported by a 10.8-per cent rise in comparable sales as well as the contribution of new branches.

However, the strong topline could not offset the effects of inflation, high global oil prices that led to more expensive products, higher administration expenses, and inclement weather, which led to a drop in construction activities in the country. As a result, net profit for the quarter fell 47.6 per cent to THB 315.38 mio.

For the first half of the year, Dohome disclosed revenues of THB 16.298 bn, up 30.1 per cent. Net income dropped 32.2 per cent to THB 774.91 mio.

The company opened one branch during the second quarter to add to the two that went onstream in the first. To date, it has 18 large branches and nine outlets under the smaller DoHome To Go format.