The share price of Sky ICT Public Company Limited (SET: SKY) rose 4.8% on Thursday after two straight losses amid market volatility from election uncertainties.
Prices dropped 7.96% in two days as Thailand came out of the general election on Sunday and the market showed concerns on how the Move Forward Party will form the coalition government. The share price bounced back on Thursday with a gain of THB1.25 or 4.8% to THB27.25 per share.
Despite the plummet in share price, SKY on Tuesday reported its 1Q23 earnings with a total revenue of 819.99 million baht, an increase of 352.03 million baht or 75.23% compared to the previous year with total revenue of 467.96 million baht.
Revenue from Services, the amount of 630.21 million baht, accounting for 76.86% of total revenue, an increase of 276.75 million baht or 78.30% compared to the previous year.
The company had net profit for the first quarter ended 31st March 2023 amounted to 83.32 million baht, a decrease of 98.06 million baht or 54.07 percent compared to the prior year with a total net profit of 181.36 million baht. The decrease was mainly due to the first quarter of 2022 the company gain on disposals of investments in Turnkey Communication Services Public Company Limited (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 stated that it has 22,900 million baht of backlog as at the end of 1Q23 and should be able to recognize 2,500 million baht within this year.