BTS’ Fiscal 20/21 Earnings Drop 44% to ฿4.5Bn, Offering a Dividend of Bt0.16

BTS Group Holdings Public Company Limited (BTS) has announced its yearly financial statement ending March 2021 through the Stock Exchange of Thailand as follows;

BTS reported a net profit in 2021 at 4,576 million baht, decreased 43.93% from a net profit of 8,161 million baht in 2020.

 

The decline in net profit was predominantly driven by (i) higher share of loss from investment in associates/JVs, (ii) no repeat recognition of the gain on sale of Bayswater by BTS in FY 2019/20 and (iii) weakened operating performances across our MIX and MATCH businesses largely due to the impact from the COVID-19 pandemic.

However, the reduction in net profit was partially offset by (iv) higher O&M performance largely from newly opened Northern Green Line extension, (v) an increase in interest income and (vi) the aforesaid recognition of net gain on sale of Thana City Landin FY 2020/21.

 

The net profit margin in FY 2020/21 was 10.8% (versus 18.4% in FY2019/20). The decrease in net profit margin was chiefly due to higher share of loss from investment in associates/ JVs and weakened operating performances across in MIX and MATCHbusinesses which were as a result of the COVID-19 crisis.

 

BTS posted total reported revenues from continued operation of 42,379 million baht in FY2020/21, remained stable YoY. The contribution to BTS’ revenue was mainly due to (i) gain on sale of Thana City land of 1,979 million baht,(ii) gain on financial instruments of 848 million baht, (iii) higher interest income of 533 million baht and (iv) increased service and sales income of 243 million baht.

Nonetheless, the increase in revenue was partly offset by(v) reduced gain on sale of investment in subsidiaries and associates of 2,883 million baht and (vi) lower revenues from contracting works of 474 million baht, chiefly owing to reduced recognition of revenue from the provision of E&M works and the train procurement service for the Green Line extensions.

 

Total consolidated expenses from continued operation amounted to 30,919 million baht in FY2020/21, a decrease of 1,846 million baht or 5.6% YoY largely from lower recognition of cost related to the provision of E&M works and the train procurement service for the abovementioned Green Line extensions as well as lower selling and administrative expenses of 479 million baht.

 

Reported share of loss from investments in associates/JVs was 1,664 million baht (compared to share profit of 2,071 million baht in FY2019/20). The change of 3,736 million baht was primarily from a decrease of 3,250 million baht in share of profit/(loss) from the investment in U City.

 

In addition, the company passed a resolution to offer a dividend payment at the rate of Bt0.16 per share to be paid on August 11, 2021.