Financial Performance Review: Growth, Challenges, and Resilience in Business Segments
The company's operating revenue saw a 5% increase year-on-year, reaching THB6.1 billion, and a 9% improvement quarter-on-quarter. Recurring EBITDA also showed growth, rising by 3% year-on-year to THB2.8 billion, indicating stable core profitability. The balance sheet exhibited strength with higher cash and cash equivalents and reduced total debt, resulting in an improved adjusted net debt-to-equity ratio of 1.3 times. The MIX business segment experienced robust profit growth, with net profit excluding nonrecurring items soaring by 92% year-on-year, primarily fueled by digital services and distribution.
ROCTEC achieved double-digit revenue growth of 11% year-on-year, boasting a healthy net profit margin of 12.4% and a 12% compound annual growth rate in dividend per share over three years. However, the company reported a net loss of THB388 million attributable to shareholders, resulting in a negative net profit for the quarter. MOVE operating revenue declined by 12% year-on-year, mainly due to the absence of construction revenue from the completed Pink Line extension. BTSGIF's share of profit plummeted by 47% year-on-year, impacted by the amortization of the fund investment. Additionally, BTSGIF's ridership decreased by 0.7% year-on-year and 8.4% quarter-on-quarter, primarily due to seasonal holiday impacts.
The company's reported SG&A expenses surged by 31% year-on-year, partly attributed to one-off items and the reintegration of the European hotel portfolio, which exerted pressure on margins. Despite these challenges, the company continues to demonstrate resilience and strategic growth in various business segments.