JAS Records Operating Revenue in 2020 at ฿19.2Bn as Subscribers Edge Higher

Jasmine International Public Company Limited (JAS) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

The total operating revenue of the company and its subsidiaries for the year 2020 was 19,237 million baht, increased by 3%, compared to the year 2019 in which it was recorded at 18,601 million baht. Most of the total operating revenue was the contribution of Triple T Broadband Public Company Limited (TTTBB).

 

In 2020, Triple T Broadband Public Company Limited (3BB) had 237,944 net additional subscribers, resulting in its record of 3.42 million total subscribers at the end of 2020. Of this number, approximately 2.46 million or 72% were FTTx subscribers, increasing from 60% recorded at the end of the year 2019.

 

The launch of GigaFiber Package and 3BB GIGA TV in 2020 and the conversion of the customers from xDSL to FTTx resulted in continuous growth of 3BB customers. For the year 2020, 3BB had 555,457 FTTx net additional subscribers. Average ARPU for the fourth quarter of 2020 was 608 baht/subscriber/month, declining when compared to THB618/subscriber/month in the third quarter of 2020 due to price competition in the broadband internet market. Nevertheless, the Company is confident that 3BB GIGA TV will help increase ARPU and maintain the customer base of 3BB in the future.

 

The adoption of TFRS 16 Leases mainly affects the Main Lease Agreement (80% of the OFC), entered into between TTTBB and JASIF. In 2020, TTTBB recorded the depreciation and the interest expenses of approximately 8,608 million baht in the statement of profit and loss.

This amount comprised the depreciation-right-of-use assets of approximately 4,938 million baht and the interest expenses of approximately 3,670 million baht. These items were previously recorded as the OFC rental fees, under Cost of Sales and Services, of approximately 7,039 million baht. However, TFRS 16 Leases did not affect the record of the OFC rental under the Rental Assurance Agreement (20% of the OFC).

 

In 2020, JAS had the operating loss of 2,737 million baht. This amount, included by the adjustment of the provision for rental assurance of OFC of JASIF due to the change in the assumption of the growth of rental rate rental rate increase and the discount rate of 43 million baht and deducted by the FX loss of the company of 83 million baht, deferred tax of the company of 38 million baht, the expected credit losses (allowance for doubtful debts of its subsidiaries) of 300 baht, loss on litigation from reversal of judgment by the Supreme Court due to the compromise agreements of 10 million baht, resulted in the record of the net loss for the year 2020 of 3,126 million baht, compared to the the year 2019 in which JAS recorded the net profit of 7,265 million baht.

 

The net profit for the year 2019 of JAS, amounting 7,265 million baht, comprised the FX gain of 532 million baht, gain on asset sales to JASIF of 7,233 million baht (net of income tax) and the gain on sales of investment in JASIF of 1,732 million baht; whereas, for the year 2020, apart from the impact of the TFRS 16 Leases, JAS also recorded the FX loss of 83 million baht.

 

In addition, the Board of Directors resolved the resolution to omit a dividend payment of its operating results in 2020.