SKY 1Q22 Earnings Skyrocket by 12 Folds on Gain from Investment Disposal and Lower Costs

Sky ICT Public Company Limited (SET: SKY) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

SKY reported a net profit of 182 million baht in 1Q22, increased 1,226% from a net profit of 13 million baht in 1Q21. The increase was mainly from gain on disposals of investments in Turnkey Communication Services Public Company Limited (SET: TKC) and special item from surplus in change in proportion of investment in TKC, an associated company, because TKC’s IPO price per share is more than the net book value of TKC in SKY’s financial statement. 

The company reported a decline in total revenue by 52% mainly due to a significant decline in revenue from system integration services from 472 million baht in 1Q21 to 112 million baht in 1Q22. Meanwhile, revenue from sales dropped from 372 million baht in 1Q21 to 353 million baht in 1Q22. Total costs in 1Q22 dropped from 840 million baht in 1Q21 to 453 million baht in 1Q22, seeing a large drop in cost of system integration services and cost of sales.