GRAMMY Reported Net Loss of 153 Million in First Quarter 2022, Profit Dipped by 138.6% YoY

Bangkok Airways Pcl. (SET: BA) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows:

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht



Earning Per Share



% Change -138.6%

The company reported loss attributable to equity holders of the Company was THB 153.7mn, decreased by 138.6% YoY, mainly due to the changes in fair value adjustment of the current financial assets.

The Company’s operating income was THB 997.1mn, an increase of THB 15.3mn or 1.6% from the previous year, while total revenue was THB 1,007.2mn, a decrease of THB 358.3mn or a 26.2% decrease compared to the previous year. The main impact was from the changes in fair value adjustment of the current financial assets

Music Business comprises the sales of digital music and publishing rights, artist management, showbiz, artist products and physical music, and other supporting businesses. In 1Q2022, the operating revenue from music business amounted to THB 500.9mn, accounting for 50.2% of the operating revenue, increased by 9.7% YoY. The key growth driver is the digital music which accounts for over 50% of the total music business. Other businesses are still affected by COVID-19 which resulted in Showbiz business not being able to organize events as usual in Q1. However, given the relaxation of the government’s policy, showbiz will be able to organize events from Q2 onwards.

Home Shopping Business In 1Q2022, Home shopping business reported revenue of THB 319.3mn, decreased by 7.3% YoY due to economic downturn and higher competition in home shopping sector.

Movie Business revenue in 1Q2022 amounted to THB 57.3mn, increased by 10.0% YoY. In 1Q2022, movie business realized Box Office revenue from one movie, “One for the Road” which was directed by Mr. Bas Natthawut Poonpiriya in collaboration with Mr. Wong Kawai, the producer. The movie was a success and was awarded at “Sundance Film Festival” in the United States.

Set-top-box and Broadcasting Business revenue in 1Q2022 was THB 51mn, decreased by 15.3% YoY as 1Q2021 was favorably benefitted by the intense Work-from-home policy and achieved abnormally high revenue Investments in Joint Ventures Share of profit from investments in joint ventures and associates was THB 60.4mn, decreased by 9.2% YoY as the revenue of joint ventures and associates dropped due to COVID-19 impact.

Other Business revenue in 1Q2022 amounted to THB 68.6mn, increased by 0.1% YoY in line with 2021, following increase in service rate agreements.