2QFY17 net profit up 61.7% y-y following consolidation of SEL

WICE produced another strong set of financial results in 2QFY17 following consolidation of SEL earlier this year. For the quarter, service revenue jumped 63.1% y-y to Bt356mn, driven largely by (i) revenue contribution of around Bt123mn from its 70%-owned SEL, which had been consolidated into WICE’s financial statements since Aug 15, 2016 and (ii) a 28% y-y rise in revenue from its existing operations. Costs shot up 63.7% y-y and SG&A expenses soared 40% y-y along with revenue growth and following consolidation of SEL. In sum, WICE chalked up net profit growth of 61.7% y-y to Bt25.60mn in 2QFY17, chiefly buoyed by a Bt11mn profit contribution from SEL.