BTS Group Holdings PCL (BTS Group) recorded Total Reported (consolidated) revenue of THB 5,445 million, decreasing by THB 607 million or 10.0% YoY. The decline was mostly attributed (i) lower contracting revenue following the completion of the Pink (main line) and Yellow Lines construction, and (ii) a decrease in other income, mainly from the absence of a one-time gain of THB 537 million from the disposal of Rabbit LINE Pay Co., Ltd. (RLP) in 2Q 2023/24
However, the decrease was partly offset by a THB 401 million increase in service income and sales, driven by higher farebox revenue from the Pink and Yellow Lines under MOVE business and revenue growth at VGI PCL (VGI) under the MIX business.
Total Reported (consolidated) Expenses slightly increased 3.9% YoY mainly from higher cost of services and sales which rose in tandem with services revenues.
Reported Net Loss was THB 456 million, primarily due to the decline in EBITDA and higher finance costs. Overall, the group recorded Reported Net Loss of THB 838 million, primarily from (i) an increase in finance cost and (ii) no recognition of a one-time gain. However, the net loss was partially compensated with (iii) no recognition of a one-time impairment loss on RABBIT’ investment in Singer Thailand PCL (SINGER) and (iv) recognition of the share of profit from the sale of investment and the change in status in KEX.
In 2Q 2024/25, Total Operating Revenues were THB 3,925 million, slightly decreasing by 0.2% YoY or THB 9 million. Revenues from MOVE, MIX and MATCH businesses accounted for 63%, 33% and 4%, respectively of total operating revenues (as opposed to 67%, 30% and 3%, respectively within the same period last year).
The decrease in operating revenue was largely attributed to a decline in revenues of THB 411 million YoY or 55.2% from contracting works after the completion of the Pink (main line) under MOVE business. However, the decrease was partially offset by the recognition of farebox revenue of THB 175 million from the Pink Line, as well as steady growth in O&M revenue in this quarter.
Total MOVE Revenue was THB 2,457 million, a decrease of 6.2% YoY or THB 162 million. The decline in MOVE revenue was primarily due to lower construction revenue by THB 411 million from the Pink (main line) after the completion of the construction. However, the decrease was partially offset by (i) the recognition of farebox revenue of THB 175 million from the Pink (main line) and (ii) an increase in O&M revenue of THB 62 million or 3.6% YoY to THB 1,795 million.
Nevertheless, the decline in MOVE revenue was partially compensated by (i) a recovery in revenue from MIX business of 9.6% YoY or THB 113 million, driven by the Advertising and Distribution segments, and (ii) an increase in MATCH revenue of 28.2% YoY or THB 39 million driven by higher revenue in the rental and services segment.
Additionally, operating Gross Profit Margin of 32.9%, slightly down from 34.3% for the same period last year.
