HomePro grows, economy in Thailand remains under pressure

The Thai chain HomePro made sales to the amount of THB 16.15431 bn (EUR 416 mio) in the second quarter. This is an increase of 17.89 per cent compared to the same period last year. This amount is explained by the fact that last year the stores were temporarily closed because of the Covid-19 pandemic, according to the company. Regarding the business in Malaysia, due to the lockdown since May and June this year, HomePro Malaysia's sales declined compared with the same period last year.
For the whole of the first half year, HomePro reports a rise in sales of 10.00 per cent to THB 31.20671 bn (EUR 803 mio).
HomePro presents the current situation in its quarterly report as follows: "The coronavirus has put downward pressure on the Thai economy during the second quarter of this fiscal year. Thailand faces severe problems stemming from the Covid-19 outbreak in multiple locations, but particularly in the Greater Bangkok region and the provincial area adjacent to the border. Although many Thai people have cooperated in the vaccination program, the daily number of new infections continues to rise. Consequently, the Center for Covid-19 Situation Administration (CCSA) has issued additional control measures such as the closure of high-risk areas (bubble and seal) and operating hour restrictions for certain service sectors, as well as limitations on travel. These measures have had a widespread effect on the Thai economy. Purchasing power and consumer confidence for middle and low-income earners is still at a low level, and they are more cautious on consumption spending. In addition, the impact on the tourism sector caused by international travel restrictions continues from previous quarters."