BTS Reports 17% Decline in 2Q22/23 Earnings amid Lower Revenue from Contracting Works

BTS Group Holdings Public Company Limited (SET: BTS) has announced its 2Q22/23 financial statement ending September 2022 through the Stock Exchange of Thailand as follows;

Quarter 2Q22 2Q21
Net Profit (Loss)
Million Baht
474.09 576.04
Earning Per Share
0.0360 0.0440
% Change -17.70
6 Months 2022 2021
Net Profit (Loss)
Million Baht
1,010.07 1,959.02
Earning Per Share (Baht) 0.0770 0.1490
% Change -48.44

BTS reported a net profit of THB 474 million in the quarter ended September 2022, decreased 17.7% YoY or THB 102 million, while net profit margin was 8.0%, decreased from 8.4% in the same quarter last year.

BTS delivered total revenue of THB 5,911 million, decreased by 13.9% YoY or THB 952 million. The decline was mostly attributed to development of new rail lines reaching the tail-end of development, resulting in THB 1,473 million lower revenues from contracting works. However, the decline was offset by an increase of THB 464 million in service income and sales, driven by a robust revenue growth in MIX business and a resilient revenue stream from O&M contracts in MOVE business.