BTS Reports Shrinking Profit for FY3Q22/23 amid Declining Revenue

BTS Group Holdings Public Company Limited (SET: BTS) has announced its fiscal consolidated financial statement of 3Q22/23 through the Stock Exchange of Thailand as follows;

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
1,048.56 1,054.30
Earning Per Share
0.0800 0.0800
% Change -0.54
9 Months 2022 2021
Net Profit (Loss)
Million Baht
2,058.63 3,013.32
Earning Per Share (Baht) 0.16 0.23
% Change -31.68

BTS reported a net profit of THB 1,048 million in 3Q22/23, slightly decreased by 0.54% from a net profit of THB 1,054 million in 2Q21/22. Meanwhile, net Profit Margin was 15.8%, increasing from 11.5% in 3Q 2021/22.

Revenue in 3Q22 was THB 6,620 million, decreasing 28.0% YoY or THB 2,573 million. The decline was mostly attributed to lower revenue from contracting works of THB 3,239 million due to the development of new rail lines reaching the tail-end stage. 

Total Operating Revenues were THB 4,633 million, decreasing by 40.8% YoY or THB 3,196 million. Revenues from MOVE, MIX and MATCH businesses accounted for 66%, 30% and 4%, respectively of total operating revenues (as opposed to 79%, 19% and 2%, respectively within the same period last year).

However, the decline was compensated by a higher interest income of THB 579 million, predominantly derived from the mass transit related interest income and an increase in the contractually agreed to increase O&M revenue of THB 133 million.