By Ben Otto
BTS Group Holdings' net profit in the year ended March soared, as lower revenue was offset by an investment disposal and higher contributions from associate companies.
The Bangkok-based conglomerate said net profit for the fiscal year rose to 8.16 billion baht ($257.7 million) from THB2.87 billion a year ago. Profit was helped by a THB2.96 billion gain from the disposal of a land investment.
Revenue fell 14% to THB42.12 billion on a decrease in construction sales from the mass-transit segment, the company's primary business unit. Government measures to stem the spread of the Covid-19 pandemic also cut into business in the January-March period, with domestic and overseas hotels experiencing lower occupancy rates and mass-transit ridership falling on year, BTS said.
Looking forward, BTS said media subsidiary VGI expects to see a material impact on performance in the April-June period as some customers have requested delaying advertising spending due to the coronavirus. BTS said that overall, it expects its businesses to return to normal as lockdown measures ease.
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