BTS Reports 45% Drop in 3Q23 Earnings with High Financial Costs and Income Taxes

BTS Group Holdings Public Company Limited (SET: BTS) has announced its FY2Q 2023/24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
257.05 474.09
Earning Per Share
0.0200 0.0360
% Change -45.78
9 Months 2023 2022
Net Profit (Loss)
Million Baht
-515.38 1,010.07
Earning Per Share (Baht) -0.04 0.08

BTS reported revenue of THB 6,052 million, increased 2.4% or THB 140 million YoY. The growth was attributed to (i) higher interest income of THB 446 million,(predominantly derived from the mass transit related interest income), (ii) an increase in other income (largely from a gain on disposal of investment in Rabbit LINE Pay Co., Ltd. or RLP (through RabbitPay System Co., Ltd., a subsidiary of VGI)) of THB 537 million, and (iii) an increase in service income and sales of THB 107 million, mainly driven by farebox revenue of the Yellow Line. However, the increase was partly offset by (iv) lower revenue from contracting works of THB 717 million, primarily due to no record of Yellow Line’s construction revenue.

Meanwhile, reported net profit attributable to the company was THB 257 million, a decline of 45.8% or THB 217 million YoY. Despite the improved recurring EBITDA and the recorded aforementioned gain on disposal of investment in RLP, net profit was impacted by higher finance costs and income tax. The Net Profit Margin was 4.2%, decreasing from 8.0% in 2Q 2022/23. 

Financial cost during this quarter was THB 1,459 million, which increased 56% from the net loss of THB 936 million in 3Q22.