Covid-19 Plunges BEM’s Profit by 95% to Record at ฿152M in 2Q20

Bangkok Expressway and Metro Public Company Limited (BEM) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

BEM reported a net profit of 152 million baht in 2Q20, decreased 95% compared to a net profit of 3,117 million baht in the same period of last year. The decrease was mainly from the decrease in revenue from the effect of COVID-19 outbreak.

 

The company had revenue from the main business of Baht 2,489 million representing a decrease from the same quarter of the previous year by Baht 1,376 million or 35.6%. Toll revenue decreased by Baht 1,015 million, revenue from Rail business decreased by Baht 346 million and revenue from Commercial Development business decreased by Baht 15 million.

 

Other revenue of Baht 274 million representing an increase from the same quarter of the previous year by Baht 209 million mainly from the change in recording revenue from TTW from share of profit to dividend income due to the reclassification of investment and there was no gain on sale of investment in this quarter.

 

Cost of service amounted to Baht 1,821 million represented a decrease from the same quarter of the previous year by Baht 659 million or 26.6 percent mainly from the decrease in amortization expense due to cost of rights to operated expressway sectors of Sri Rat Expressway Sector A, B, C were fully amortized in the first quarter of the year 2020 whereas there was an increase in expenses related to the operation of the MRT Blue Line which was operated in full commercial service on March 30, 2020. Selling and administrative expenses slightly increased from the same quarter of the previous year.

 

As at June 30, 2020, BEM had cash and cash equivalents amounting to Baht 2,466 million, representing an increase from the end of the previous year by Baht 1,762 million.