Shares of Jasmine Know-how Options (JTS), a Bitcoin mining operator, rose on Wednesday regardless of the present downturn within the world cryptocurrency market after the corporate reported spectacular first-quarter revenues.
Based on JTS’s report back to the Inventory Trade of Thailand, the corporate’s first-quarter income stood at 511 million baht, up 82.3 million baht or 19.2% year-on-year, with a complete revenue of 96.2 million baht, a achieve of 136% from 40.9 million year-on-year.
Spurred by the constructive earnings report, JTS’s price-per-earnings ratio is at 1,672 instances, whereas its share worth has surged 292% year-to-date. The inventory closed at 516 baht on Wednesday, up 0.39%, in commerce value 53.9 million baht.
The corporate’s core income supply is its telecom companies enterprise, which generated 444 million baht, up 56.9 million or 14.7% year-on-year, attributed to elevated revenue from its home leased line service and worldwide personal leased circuit service.
Income from Bitcoin mining stood at 25.2 million baht.
Since JTS went into the mining enterprise, the corporate has obtained 18.61 Bitcoins value 25.2 million baht within the first quarter this 12 months, up from 11.84 Bitcoins value 12.9 million year-on-year.
The Bitcoin worth averaged US$42,405.01 within the fourth quarter of final 12 months, and $54,876.95 within the first quarter of 2022. It fell to $31,907.68 as of 6pm on Wednesday.
Dusit Srisangaoran, president of JTS, stated the corporate is the primary Thai agency to spend money on Bitcoin mining.
By the primary quarter of 2022, JasTel Community Co (JasTel), a JTS subsidiary and its Bitcoin mining operator, had put in 525 mining machines with a complete mining capability of fifty,020 terahash (TH) per second.
Mr Dusit stated the corporate plans to regularly set up 3,000 extra machines all through this 12 months, giving it 3,525 mining machines with a complete mining capability of 422,020 TH per second.
JasTel can also be negotiating the acquisition of extra machines to assist it attain mining capability of 1,000,000 TH per second by the primary quarter of 2023, he stated.