JTS Records 21% Increase in 1Q Earnings as EGM Approves ฿1.2Bn “JASTEL” Acquisition

Jasmine Telecom Systems Public Company Limited (JTS) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

JTS reported a net profit of 10.24 million baht in 1Q21, increased 21% from a net profit of 8.46 million baht in 1Q20. The increase in net profit was mainly due to an increase in revenue.

 

The total operating revenue of JTS for 1Q21 increased by 8.38 million baht, an increase of 32.42 % YoY compared to 1Q20, mainly due to the revenue from integrated wireless connection for petrol stations and cloud services.

 

Meanwhile, the cost of sales and services and the selling and administrative expenses of the company increased by 7.91 million baht or 28.87% YoY compared to 1Q20. The increase in cost of sales and services was in line with increasing revenue obtained from sales and services; whereas, the increase in the selling and administrative expenses was due to financial advisor fee and an increase in staff benefit expense of the subsidiary.

In addition, the Extraordinary General Meeting of Shareholders on May 17, 2021, approved the purchase of the Jastel Network Co., Ltd. shares from Jasmine Submarine Telecommunications Co., Ltd., which is classified as the acquisition of assets and a connected transaction, amounting to 5,199,993 shares, representing 99.99 percent of the total shares of JASTEL, at the aggregate price of THB 231 per share, totaling 1,201,198,383 baht.