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. 



  Write to Ben Otto at ben.otto@wsj.com