BTS Posts Profit Slump in 1Q22 as Revenue from Contracting Work Falls

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

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
536 1,383
Earning Per Share
0.0407 0.1051
% Change -61.2

In 1Q 2022/23, BTS recorded net profit of THB 536 million, contracting 61.2% YoY or THB 847 million and net profit margin (before non-recurring items) of 10.1%, decreasing from 14.6% in 1Q 2021/22.

BTS delivered total revenue of THB 5,282 million, decreasing by 44.3% YoY or THB 4,205 million. The decline is majorly attributed to development of new rail lines reaching the tail-end of development, resulting in THB 4,423 million lower revenue from contracting works coupled with no record on gain on sale of land (in 1Q 2021/22, the company recorded a THB 481 million gain on sale of land). However, the decline was partially offset by a solid performance in MIX business, chiefly driven by the full-quarter consolidation of Fanslink Communication Company Limited (Fanslink) and positive results from Payment business.

Total assets as of 30 June 2022 stood at THB 253,804 million, slightly decreased from 31 March 2022. Receivables from government authorities (provision of Operations & Maintenance and Electrical & Mechanical works) increased from THB 39,940 million to

THB 42,079 million. Excluding extinguished receivables related to VGI’s RO subscription, BTS Group’s balance sheet remains strong with the adjusted debt ratio of 1.47x.