BTS Reports Earnings of THB1,054 Million in 3Q21, Dropping 38% YoY

BTS Group Holding Public Company Limited (SET: BTS) has announced its 3Q21 and 9M21 consolidated financial statement as follows;

Quarter 3Q21 3Q20
Net Profit (Loss)
Million Baht
1,054.301 1,686.047
Earning Per Share (Baht) 0.08 0.13
% Change -37.47


9-Month 2021 2020
Net Profit (Loss)
Million Baht
3,013.318 2,894.279
Earning Per Share (Baht) 0.23 0.22
% Change 4.11


BTS reported a net profit of THB1,054 million in 3Q21, a decline of 37.5% or THB632 million YoY from the aforestated softened performances and higher finance costs, being partially offset by the positive change in share of profit from investment in associates/ JVs compared to 3Q 2020. The net profit margin in 3Q21 was 11.5% (compared to 14.1% in 3Q20). 

Total operating revenue in 3Q21 was THB7,829 million, a decrease of 10.3% or THB903 million YoY. Revenues from the MOVE, MIX and MATCH businesses accounted for 79%, 19% and 2% of total operating revenue, respectively. The decline in operating revenue was predominantly due to  lower MOVE revenue of THB1,604 million or 20.6% YoY, chiefly from reduced recognition of services revenue for the provision of E&M works and the train procurement service for the Northern Green Line extension, as we entered the tail-end of development as well as a lower construction revenue for the Pink and Yellow Lines. Nonetheless, the decline in operating revenue was partly offset by higher MIX revenue and increased O&M revenue.

Meanwhile, net profit for the 9-month period stood at THB3,013 million, increasing by 4.1% YoY or THB119 million. The increase was primarily from the turnaround from share of loss to share of profit from investment in U City, which was resulted from lower recognition of U City’s impairment of assets and the record of an unrealised gain from the recognition of the investment in Jaymart by U City in December 2021.