JKN Gains 2% to Bt9.40 as Investors Await the Operation of “New 18”
JKN's share price rose 2% after the announcement of an increase in 1Q21 earnings. Meanwhile, investors are focusing on the operations of "New 18".
The share price of JKN rose ฿0.20/share or 2.17% to ฿9.40/share with a trading value of 71 million baht at the closing on May 17, 2021.
JKN Global Media Public Company Limited (JKN) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
JKN reported a net profit of 99.5 million baht in 1Q21, increased 4.46% from a net profit of 95.2 million baht in 1Q20, mainly due to a decrease in the total expenses by 12.04% YoY and a decrease of loss on revalue of financial asset in this period.
Moreover, the Board of Directors of the company resolved to approve the cancellation of the acquisition of all shares in JKN Global Living Network Co., Ltd. (JKN Global Living) from the existing shareholders of JKN Global Living.
The Board of Directors also resolved to acknowledge the change of the name of the Company’s subsidiary from “DN Broadcast Company Limited” to “JKN Best Life Co., Ltd.” (JKN Best Life).
Last month, JKN announced the entering into a sale purchase agreement to purchase DN Broadcast Company Limited (DN), an operator of channel “New 18” with a total investment value approximately THB 1,060,000,000.
JKN stated that it will use operating cash flow as the source of funds, with the amount of approximately THB 410 million and will use cash from long term loan from financial institution, at the amount of THB 450 million and payment on installment to the Group of Existing Shareholders of DN, at the amount of THB 200 million, for 3 years, for this Investment.The company expected that payment for the Investment will not affect its liquidity and working capital.