JTS shares rise despite crypto slump

Shares of Jasmine Technology Solutions (JTS), a Bitcoin mining operator, rose on Wednesday despite the current downturn in the global cryptocurrency market after the company reported impressive first-quarter revenues.

According to JTS’s report to the Stock Exchange of Thailand, the company’s first-quarter revenue stood at 511 million baht, up 82.3 million baht or 19.2% year-on-year, with a total profit of 96.2 million baht, a gain of 136% from 40.9 million year-on-year.

Spurred by the positive earnings report, JTS’s price-per-earnings ratio is at 1,672 times, while its share price has surged 292% year-to-date. The stock closed at 516 baht on Wednesday, up 0.39%, in trade worth 53.9 million baht.

The company’s core revenue source is its telecom services business, which generated 444 million baht, up 56.9 million or 14.7% year-on-year, attributed to increased income…