BTS’s 2Q19 Profit Jumps 83% from Share of Profit and Higher Sales/Service Income

BTS Group Holdings Public Company Limited (BTS) has reported its 2Q19 consolidated financial statement ending September 30, 2019, through the Stock Exchange of Thailand as follows:

BTS recorded a net profit in the second quarter ending September 30, 2019 at 1,227 million baht, increased 83.13% YoY. The increase was mainly due to an increase in recurring gross profit and a higher share of net profit from associates/ JVs, being partially offset by the rising finance cost and no-repeat recognition of extraordinary expenses (including co-sponsorship expense for the World Cup’s TV rights in Thailand which was recorded in 2Q 2018/19).

The Group reported total consolidated revenues of THB 11,886mn in 2Q 2019/20. This represented a decrease of 26.5% or THB 4,287mn YoY from THB 16,173mn in 2Q 2018/19. The decline in total revenue was chiefly attributed to a decrease in revenue from installation and construction services and train procurement services of THB 5,324mn, mainly due to lower recognition of construction revenue for the Pink and Yellow lines.

Nonetheless, the decline in revenue was partly offset by (i) higher service and sales income of THB 734mn, chiefly from higher revenue from providing train operation services which was mainly due to the full commencement of the Southern Green Line extension as well as higher Media revenue and (ii) an increase in dividend income of THB 282mn.

Total consolidated expenses amounted to THB 9,830mn in 2Q 2019/20, a decrease of THB 4,965mn or 33.6% YoY largely from the reduced recognition of construction cost for the Pink and Yellow lines. Nevertheless, the decrease in expenses was partially offset by an increase in cost of services and sales of THB 399mn.