SET-listed Group Lease Plc (GL) reported a third-quarter net profit of 104.64 million baht following lower allowance for potential loss on asset revaluation.
The net profit was an increase from a net loss of 2.27 billion baht logged in last year's corresponding period.
This marked the fourth consecutive quarter of profitability for GL after a one-time provision occurred in last year's third quarter, said chief financial officer Alain Dufes.
Expense allowance on loan and interest receivables decreased by 1.6 billion baht from last year's third quarter, where a full provision on loan receivables was booked. But on a quarterly basis, net profit and operational profit declined by 17% and 23%, respectively.
"We had a much better financial result this quarter than the third quarter last year," said Mr Dufes.
GL is a digital finance company specialising in hire-purchase for Japanese motorcycle brands.
The company targets this year's net profit to reach nearly 1 billion baht following a nine-month net profit worth 368 million, said chief executive Tatsuya Konoshita. That profit level is to come from lower operation costs, bad debt write-offs, adding quality customers and business expansion in Myanmar, said Mr Konoshita.
"For growth, Myanmar continues to be our main growth engine as expected. We received 368% more Honda contracts in the third quarter, totalling almost 50,000 contracts, and have 272% more active microfinance customers, or more than 145,000, now than we did a year ago," he said.
"Credit quality there is still remarkable and we have 0% non-performing loans in our microfinance lending."
Thailand makes up 64% of GL's total revenue, with Cambodia at 18%, Laos 4%, Indonesia 3%, and Singapore 2%, with the rest attributed to other countries.
The company's outstanding loan portfolio stands at 7.6 billion baht.
GL shares closed yesterday on the SET at 6.75 baht, unchanged, in trade worth 11.7 million baht.