GPSC records a new high profit of Bt. 1,052 Million in Q2/2018, expecting 3 new power plants to start COD within 2019 as planned.
GPSC reveals its Q2/2018 with net profit of Bt. 1,052 Million, rising 29%, marking a new high record, due to strong revenue of Bt. 6,563 Million, up 20% from the same period of last year, resulting from several positive factors, particularly power and steam generating which run at full capacity, while other 3 new plants are also expected to start the commercial operation date (COD) within 2019 as planned.
Dr. Toemchai Bunnag, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, said the company’s Q2/2018 financial performance has a total revenue of Bt. 6,563 Million, up Bt. 1,104 Million or 20%, which result in a new high net profit of Bt. 1,052 Million, up Bt. 237 Million or 29% in Q2/2018 comparing to the same period of last year. The strong net profit is generated from both phases of IRPC Clean Power plant (IRPC-CP) which have operated at full capacity since November 2017, the rising of Fuel tariff (Ft) also, the increasing capacity of power and steam generating by the Rayong Central Utility Plants after the maintenance shutdown of industrial users in Q2/2017.
The key factor resulting in a new high record of Q2/2018 was the operation of IRPC-CP plant and Rayong Central Utility Plants running at higher capacity to meet customer demand. Moreover when compare to Q1/2018, the company realized higher revenue and net profit from Ichinoseki Solar Power Plant 1 GK (ISP1) in Japan, that has resumed production after heavy snow fall in Q1/2018.
Meanwhile, the company has also booked higher revenue from the 700-megawatts Sriracha Power Plant in Q2/2018, which earned the higher Energy Payment from EGAT due to increasing power demand and higher Availability Payment from increased availability rate from 99% to 100%.
“Earnings result in Q2/2018 are higher both in term of revenue and net profit compared to the same period of last year and Q1/2018, which is the new high of net profit. It is due to operations of all power plants that have been running at full capacity. Besides, the company also manage all power generators efficiently to produce power and utilities as planned and expected to continue this efficient management throughout the year.” said Dr. Toemchai.
On top of this new high net profit, the company is expecting to add additional MW in the upcoming year, 2019. Three power projects that are under constructions and are due to COD in 2019, which are the 65 MW Nam Lik 1 Hydropower Plant (NL1PC), the 1,285 MW Xayaburi Hydropower Plant (XPCL-IPP) both plants in Lao, and the Rayong Central Utility Plant Project 4 (CUP-4) with 45 MW power generating capacity and 70 tons per hour of steam in Asia Industrial Estate. Lastly, another expansion project of Nava Nakorn Power Plant (NNEG) with capacity of 60MW power and 10 tons per hour of steam, are also started construction and expected to COD in 2020. All the projects are progressing according to the schedule and timeline.