JMT Network Services Public Company Limited (SET: JMT) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss)
Million Baht |
429.91 | 466.28 |
| Earning Per Share
(Baht) |
0.2900 | 0.3200 |
| % Change | -7.80 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
1,215.05 | 1,470.35 |
| Earning Per Share (Baht) | 0.8300 | 1.0100 |
| % Change | -17.36 | |
JMT reported a net profit in 3Q24 of 430 million baht, representing a 7.8% decrease from the same period last year. The decline is primarily due to increased Expected Credit Loss (ECL), higher financial costs from bond issuance, reduced share of profit from investments in joint ventures, and increased income tax expenses.
Total revenue during the quarter stood at 1,285.2 million baht, a decrease of 22.7 million baht or 1.7% compared to the same period last year, due to the following changes in income:
- Revenue from interest, dividends, and profit from debt purchase financing, which comes from managing non-performing loans and interest income from loans to joint ventures, amounted to 1,149.2 million baht in Q3/2024. This represents an increase of 7.6 million baht or 0.7% compared to the same period last year. This growth is due to higher interest income from loans to joint ventures and increased cash collections.
- Revenue from contracts with clients in the debt collection service for financial institutions was 76.3 million baht in Q3/2024, a decrease of 11.7 million baht or 13.3% compared to the same period last year. This decline is due to a reduction in the debt collection portfolio. Revenue from debt collection services accounts for only 6% of the Company’s total revenue.
- Revenue from insurance for Q3/2024 was 59.7 million baht, a decrease of 18.6 million baht or 23.8% compared to the same period last year. This decline is due to the Company reassessing its insurance coverage to manage risk and control the Loss Ratio.
The Company incurred service costs of 418.2 million baht in 3Q24, an increase of 94.8 million baht or 29.3% compared to the same period last year. The increase is attributed to the expansion of the debt collection business, including higher expenses related to employee compensation and legal costs for litigation.
