BEM Books ฿821Mn of Profit in 3Q as Traffic Recovers from a Lockdown in 2Q

Bangkok Expressway and Metro Public Company Limited (BEM) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

BEM reported a net profit of 821 million baht in 3Q20, decreased 12.28% compared to the same period of last year. The decrease was mainly from the decrease in revenue from the effect of COVID-19 outbreak in 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.

However, the profit in the third quarter increased 440.8% when compared to a net profit of 152 million baht in the previous quarter as Thailand gradually recovered from the pandemic.

The company had revenue from main business of 3,572 million baht representing a decrease from the same quarter of the previous year by 503 million baht or 12.3%. Toll revenue decreased by Baht 461 million, revenue from Rail business decreased by 56 million baht whereas revenue from Commercial Development business increased by 14 million baht. Other revenue of 230 million baht representing a decrease from the same quarter of the previous year by 32 million baht due to there was no gain on sale of investment in this quarter.

 

BEM stated that after the government relief measures for the outbreak of COVID-19, the traveling trips both in traffic and ridership volume increased significantly. In this quarter, the average traffic volume was at 1,135,400 trips/day, representing an increase from the second quarter (QoQ) of 40%, and the average ridership was at 283,700 trips/day, representing an increase from the second quarter of 113 percent. When compared the latest traffic and the ridership volume in October 2020 with the lowest in April 2020, traffic and ridership volume increased 92 percent and 282 percent, respectively.