RT has announced its Q2/2022 financial results, reporting total revenue of 588.39 million baht, an increase of 16.82%, and a profit recovery of 100.85% compared to the previous quarter. The business outlook for Q3/2022 appears positive, focusing on enhancing project management efficiency, with construction labor returning to normal operations and construction costs decreasing, while ensuring timely project delivery.

Mr. Chawalit Thanomthin, Chief Executive Officer of Right Tunneling Public Company Limited (RT), a specialist in civil engineering and geotechnics, revealed that for Q2/2022, the company achieved total revenue of 588.39 million baht, up from 503.69 million baht in the previous quarter, an increase of 84.7 million baht or 16.82%. The net profit was 0.21 million baht, a recovery from a net loss of 25.31 million baht in the previous quarter, representing an increase of 100.85%.

However, the company reported a decrease in revenue compared to the same period last year, which had total revenue of 599.46 million baht, a drop of 11.07 million baht, and a decrease in net profit from 7.27 million baht last year, down by 7.06 million baht.

For the first half of 2022, the company reported total revenue of 1,091.18 million baht, down from 1,334.98 million baht in the same period last year, with a net loss of 25.10 million baht, a decline from a net profit of 44.52 million baht last year.

The improvement in revenue and profit compared to the previous quarter was attributed to better management of construction material costs, such as steel and oil, along with the easing of construction camp lockdown measures during the COVID-19 pandemic, which improved labor cost management. This allowed for better construction management, timely project delivery, and quicker revenue recognition from various projects. However, the decrease in revenue and profit compared to the same period last year was due to the ongoing impact of the COVID-19 pandemic from 2021.

Looking ahead to Q3/2022, the company remains focused on increasing project delivery, enhancing project management efficiency, and managing construction labor that is returning to normal operations. Additionally, the company is collaborating with partners to source additional labor for upcoming construction projects, which will be clearer and ready to mobilize in August, allowing for construction to proceed as planned. Furthermore, the trend of decreasing material costs is expected to contribute to improved operational performance.

“With our operational strategy continuously adapting to the situation, the business outlook for this quarter is improving. We believe the industry has already passed its lowest point, and various factors affecting costs are likely to ease. With construction labor returning, we are confident that the company will be able to accelerate construction operations. Additionally, we plan to deliver some projects to enhance the company's revenue recognition,” Mr. Chawalit added.