JTS’ Earnings Jump 321% in 2Q21 from the Acquisition of “JASTEL” in May

Jasmine Telecom Systems Public Company Limited (JTS) has announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

JTS reported a net profit of 37.32 million baht in 2Q21, increased 321% from a net profit of 8.85 million baht in 2Q20.

The total operating revenue of the company for 2Q21 was 430.58 million baht, increasing by 318.21 million baht or 283.18% YoY compared to 2Q20 and increasing by 396.35 million baht or 1,157.90% QoQ compared to 1Q21.

Other income was 3.28 million baht, increasing by 2.39 million baht or 32,700%. Such an increase was the contribution of the telecommunication service business.

 

Following the resolution, passed by the Extraordinary General Meeting of Shareholders No.2/2021 of the company, convened on May, 17 2021, approving the acquisition of 99.99% of shares of JasTel Network Company Limited. (JasTel), the company proceeded to acquire JasTel’s shares; the share purchase transaction was completed on May 31, 2021.

Due to the acquisition of JasTel as a new subsidiary, only for 2Q21, the company shall disclose its operating results in which JasTel’s financial statements are included in its consolidated financial statements.

 

The cost of sales and services and the selling and administrative expenses of the company and its subsidiaries in 2Q21 increased by 256.08 million baht or 220.59% YoY compared to 2Q20 due to the record of 1 additional subsidiary.

Cost of sales and services was 321.07 million baht, increasing by 224.16 million baht or 231.31% YoY compared to 2Q20 and increasing by 302.07 million baht or 1,589.84 % QoQ compared to 1Q21.

Selling and administrative expenses was 51.10 million baht, increasing by 31.92 million baht or 166.42% YoY compared to 2Q20 and increasing by 34.77 million baht or 212.92% QoQ compared to 1Q21.