Effect from Covid-19 Continues to Pressure BEM’s Earnings, Recording 40% Lower in 1Q21
The Covid-19 effect continued to pressure BEM's business as the company recorded lower revenue, resulting in a 40% decline in 1Q21 earnings.
Bangkok Expressway and Metro Public Company Limited (BEM) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
BEM reported a net profit of 305 million baht in 1Q21, decreased 39.84% from a net profit of 507 million baht in 1Q20. The decrease was mainly due to a decline in revenue caused by Covid-19 that limits transportation frequency in the country.
The company had revenue from main business of 3,111 million baht representing a decrease from the first quarter of the previous year by 686 million baht or 18.1%. Toll revenue decreased by 427 million baht, revenue from the rail business decreased by 270 million baht whereas revenue from the commercial development business increased by 11 million baht.
Cost of service amounted to 1,956 million baht representing a decrease from the first quarter of the previous year by 539 million baht or 21.6% mainly from the decrease in amortization expense as cost of rights to operate expressway sectors of Si Rat Expressway Sector A, B, C were fully amortized in February 2020. Selling and administrative expenses slightly increased from the same quarter of the previous year from the full commercial service of the MRT Blue Line.