BEM Reports a Stable Net Profit of ฿937m in 3Q19 after Excluding One-Time Gain in 3Q18

BEM reported a stable net profit of ฿937m in 3Q19 after excluding gain on sales of investment and gain on reclassification of investment in CKP in 3Q18.

Bangkok Expressway and Metro Public Company Limited (BEM) has reported its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

In the third quarter of the year 2019, BEM had the net profit in the amount of 937 million baht representing a decrease from the same quarter of the previous year by 2,182 million baht or 70% due to gain on sales of investment and gain on reclassification of investment in CK Power Public Company Limited (CKP) in the third quarter of the year 2018. However, when excluded such transaction, the net profit in the third quarter of the year 2019 was nearly to the net profit in the third quarter of the previous year.

 

BEM had revenue from main business 4,073 million baht representing an increase from the same quarter of the previous year by 127 million baht, revenue from expressway business increased by 47 million baht, revenue from rail business increased by 48 million and revenue from commercial development business increased by 32 million baht.

Other income amounted to 240 million baht increased by 224 million baht from the record of dividend income from TTW Public Company Limited (TTW) in the income statement instead of share of profit from investment in associate after the reclassification of investment in the second quarter of the year 2019.

Cost of service amounted to 2,591 million baht representing an increase from the same quarter of the previous year by 198 million baht or 8.3% mainly from the increase in operating expense, repair and maintenance expense and amortization.

Selling and administrative expenses amounted to 303 million baht representing an increase by 27 million baht or 9.8% from the operation of the MRT Blue Line Extension Project. Finance cost amounted to 328 million baht representing an increase from the same quarter of the previous year by Baht 16 million or 5.1 percent and income tax expenses amounted to 175 million baht representing a decrease from the same quarter of the previous year by 524 million baht or 75% mainly from tax related gain on reclassification of investment in the third quarter of the year 2018 which is non-cash transaction.

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