Page 111 - BTSGroup ONE REPORT 2021/22_EN

BTS Group Holdings Public Company Limited 4.4 Management Discussion and Analysis 109
Annual Report 2021/22

In FY 2021/22, total MOVE revenue was THB 20,873mn, a decrease of 33.5% MOVE gross profit margin increased from 17.0% to 23.1% in FY 2021/22.
YoY or THB 10,527mn. This was primarily from a reduction in (i) construction This was predominantly from the reduced recognition of the construction
revenue of the Pink and Yellow Line of THB 5.5bn (due to construction delays revenue for the Pink and Yellow Lines and services income for the provision
from COVID-19 impact) and (ii) services income for the provision of E&M of E&M works and the train procurement for the Green Line extensions which
works and the train procurement service for Green Line extensions of have lower margins as well as higher O&M revenue.
THB 5,308mn as we entered the tail-end of development. The decrease was
partially offset by O&M revenue which increased by THB 969mn or 18.2% In FY 2021/22, the Company recognised a share of loss from investments
YoY chiefly from (a) full-year recognition of the Northern Green Line extension in BTSGIF of THB 29mn (compared to share of profit of THB 235mn from the
(16 stations, 19.0km) and (b) the contractually agreed increase in operating fee previous year) mainly due to the decrease in farebox revenue from the Core
of the existing Green Line extensions and Southern Green Line extensions. Line Network (down by 35.7% YoY to THB 2,388mn). The decline was from
the lower Core Network ridership (down 40.6% to 74.2mn trips), resulting from
The decrease in total MOVE revenue was also reflected in costs, which the impact of COVID-19 pandemic throughout the year. However, the decrease
dropped by THB 10,036mn or 38.5% YoY, mainly due to lower recognition of in FY 2021/22 farebox revenue was partially offset by an increase in average
costs for the Pink and Yellow Lines as well as narrower services cost for the fare by 8.3% YoY to THB 32.2 per trip.
provision of E&M works and the train procurement service for the aforesaid
Green Line extension. More commentary on the Core Network performance can be found in
FY 2021/22 BTSGIF management discussion and analysis.
Mass transit related interest income was THB 3,365mn, an increase of 25.5% https://classic.set.or.th/set/pdfnews.do?newsId=16538668428440&sequence=0
YoY or THB 685mn from interest related income from receivables related to
the Pink, Yellow and Green Line extensions projects.