GPSC reports 17% rise of profit in the nine-month period this year, continue with 3 more projects due to start operation in 2019.
GPSC is focused on growing business with profit of Bt. 899 Million in Q3/2018, accumulated profit for the nine-month to be at Bt. 2,873 Million, up by 17% from the same period of last year. The rise in profit was due to increase power sales of IRPC-CP2 and ISP1 in Japan which fully operated in Q4/2017. While the company continues to seek new business opportunity, its plan to COD three projects is right on schedule next year; Nam Lik 1 Power Plant (NL1PC), Xayaburi Power Plant (XPCL) and the Rayong Central Utility Plant 4 (CUP 4).
Mr. Chawalit Tippawanich, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, announced the revenue of Bt. 6,661 Million in Q3/2018, up by 57%, net profit of Bt. 899 Million, increased by 1% from the same period of last year. For the first nine months of this year (January-September), total revenue was at Bt. 18,940 Million, moved up by 26%, and net profit at Bt. 2,873 Million, up 17% from the same period of last year.
The increase in net profit in the first nine months was attributable to higher revenue from IRPC Clean Power Phase 2 (IRPC-CP2) and Ichinoseki Solar Power 1GK (ISP1) in Japan, which started full-phases operation since Q4/2017. At the same time, the higher selling price corresponding to increase in natural gas price and Ft rate were also the other factor to the gain in earnings.
Although the company's revenue in Q3/2018 was at Bt. 6,661 Million, increased by 1% from last quarter, net profit was at Bt. 899 Million, dropped by Bt. 153 Million, or 15% compared to last quarter. The decline was due to increase in higher natural gas costs, while the Ft rate remained the same, thus lowered the profit margin of the Central Utility Plant in Rayong and IRPC Clean Power (IRPC-CP). In addition, the Availability Payment (AP) from Sriracha Power Plant dropped down due to the lower Weight Factor during the rainy season, which impacted the profit. Nevertheless, GPSC reported additional income from dividend payment of Ratchaburi Power Co., Ltd. (RPCL) in the amount of Bt. 135 Million.
GPSC is persistent to develop new power projects in both domestic and international markets. The projects currently are under construction and expected to start COD next year, including 65-MW of Nam Lik 1 Power Plant (NL1PC) in Laos with shareholding of 40%, 1,285-MW of Xayaburi Power Plant (XPCL) in Laos with shareholding of 25%, and the 45-MW of Central Utility Plants 4 (CUP 4) with 70 T/H of steam capacity in Rayong power plant. GPSC plays the roles in providing the reliable utilities to support growth for both PTT group and Industrial users in the Eastern Economic Corridor (EEC) in accordance to the government policy.