BTS’s Operating Revenue Soars in 2018 to Reach ฿48bn. with ฿0.25 Dividend, XD July 30

BTS Group Holdings Public Company Limited (BTS) has reported its yearly 2019 consolidated financial statement through the Stock Exchange of Thailand as follows:

Total operating revenue in FY 2018/19 reached THB 47,923 million, a significant increase of 239.8% YoY or THB 33,821 million. The sharp rise in operating revenue was largely as a result of higher Mass Transit, Media and Services operating revenues, which increased by 353.6%, 31.3% and 147.8% YoY, respectively, which accounted for 86%, 11%, 1% and 2% of total operating revenue, respectively.

Nevertheless, the increase in operating revenue was partially offset by a decrease of 43.7% or THB 279 million YoY in Property operating revenue, primarily from the deconsolidation of Unicorn Enterprise Company Limited (UE), following the EBT of UE to U City in 4Q 2017/18.

Operating revenue growth was also accompanied by an increase in operating costs which came to THB 40,054 million, up 381.2% YoY, primarily from construction costs for the Pink and Yellow lines. Operating gross profit grew 36.2% YoY to THB 7,869 million and operating EBITDA rose by THB 2,017 million or 49.3% YoY to THB 6,106 million. As construction revenue for the aforesaid Pink and Yellow lines and services income for the provision of E&M works and train procurement have lower margins, operating gross profit margin declined to 16.4% from 41.0% in the prior year and operating EBITDA margin decreased to 12.7% in FY 2018/19 from 29.0% in FY 2017/18.

 

As a result, recurring net profit (after minority interests of THB 692 million) stood at THB 3,248 million, an increase of THB 740 million or 29.5% YoY, chiefly from an increase in recurring gross profit and higher share of net profit from associates/ JVs, being partially offset by higher finance cost and non-controlling interests.

Despite the growth in recurring net profit (after minority interests), profit attributable to the equity holders of BTS decreased by 34.94% YoY or THB 1,543 million to THB 2,873 million, predominantly from no repeat of extraordinary net gain recognised in the previous year from the Entire Business Transfer (EBT) of BTSG’s property business to U City.

 

In addition, BTS has proposed a dividend payment from the operating period from April 1, 2018 to March 31, 2019 at ฿0.25/share to be paid on August 15. The ex-dividend date is July 30, 2019.