BTS Group Holdings Public Company Limited (SET: BTS) has announced its FY1Q24 earnings ended June 30, 2024, through the Stock Exchange of Thailand as follows;
BTS reported a net loss of THB 382 million in FY1Q24, which was an improvement from a net loss of THB 772 million in FY1Q23. The loss was primarily due to (i) no recognition of a one-time impairment loss on RABBIT’ investment in Singer Thailand PCL (SINGER), (ii) a turnaround to share of profit from investment in associates/JVs (mainly from no operational loss contribution from KEX and share of profit from investment in JMART), (iii) lower SG&A expenses, yet, partially offset with (iv) higher finance costs and (v) aforesaid soft performances of the Pink & Yellow Lines.
The company recorded total reported revenue of THB 5,256 million, decreasing 22.2% or THB 1,504 million YoY. The reduction in revenue of THB 1,707 million was mostly derived from lower revenue from contracting works after the completion of the Pink and Yellow Lines construction. However, the reduction in revenue was partially compensated with an increase in service income and sales of THB 282 million, mainly driven by the recognition of farebox revenue of the Pink and Yellow Lines and the increase in O&M revenue. Total reported expenses decreased 22.4% YoY or THB 1,123 million to THB 3,900 million in tandem with the decrease in revenues.
Recurring EBITDA was THB 1,920 million, an increase of 12.2% YoY or THB 209 million due to stronger EBITDA from MIX and MATCH businesses. For MIX business, the improved recurring EBITDA was mainly attributed to no operational loss contribution from investment in Kerry Express (Thailand) PCL (KEX) (following the disposal of investment in KEX in the prior quarter) and a return to record of share of profit from investment in Jaymart Group Holdings PCL (JMART) in this quarter. Additionally, the improvement of Rabbit Holdings PCL (RABBIT) operations resulted in an improved MATCH performance.
However, the increase in recurring EBITDA was partially offset with the softer performances within MOVE business mainly from (i) lower mass transit-related interest income as the Company no longer recognised interest income related to the E&M provision following the repayment of the entire E&M debt from the Bangkok Metropolitan Administration (BMA) since 2 April 2024, onwards, and (ii) soft performances of the Pink & Yellow Lines operations during early years of operations.
