GPSC announces a profit of Q2/2017 as planned cause of its efficient power management with continuing focus on sustainable growth.

GPSC says its net profit of Q2/2017 at Bt.815 million or a 19% rise, compared to the same period of last year according to the company continued its cost-cutting and efficiency-increasing program and Bangpa-In Cogeneration Power Plant (Project 2) or BIC2 which is owned by GPSC 25% has produced the power as scheduled. Moreover, GPSC will go on with its plan to invest in energy storage system, aiming to set up a lithium-ion battery producing plant as planned.

Dr. Toemchai Bunnag, President and Chief Executive Officer (CEO) of Global Power Synergy Public Company or GPSC, a power and utility flagship of PTT Group, released the company performance, which the company had total revenue of Bt.5,459 million in Q2/2017, rising 2% from Q1/2017. As result, the company had a net profit of Bt.815 million, up 9% or Bt. 65 million, due to its efficient cost management and the power plant’s clients resumed their operations as usual after a short period of maintenance shutdown in Q1/2017.

However, the revenue in Q2/2017 dropped Bt.94 million, or 2%, compared to Q2/2016 due to weaker stream and electricity demand from industrial sector in line with falling production capacity in the industrial sector. However, the company is still able to make more profit of Bt.129 million or up 19% from Q2/2016 due to the higher selling price from Ft ratio etc.

“For the overall performance is still a continued rise though we have faced many challenges this year such as tax exemption, privilege by BOI going to expired, maintenance of some of power plants’ clients, the company was still able to make profit not less than the same period of last year. It would explain well the more efficient of asset management. For 2H/2017, BIC2 which is already started the commercial operation date (COD) in June 2017, able to fully book the revenue for 2H/2017 and other 2 on-going projects which are expected to start commercial operation as planned in Q4/2017 are IRPC Clean Power Plant (Phase 2) and Ichinoseki Solar Power Plant in Japan, which will increase another 150 equity megawatts to the company as scheduled. The company has still focused on the sustainable growth and the corporate governance for its stakeholders to receive the best and shall be treated equally.” Dr.Toemchai said.