GPSC reveals its continued growth in Q2/2016 from its capability of operating management together with additional revenue from its IRPC-CP power plant for the first half of the year and another revenue from Nava Nakon power plant which have pushed profit of 1H/2016 to be higher than last year. As a result, GPSC moves forward steadily with the plan to invest further in big projects overseas and in Thailand with confidence to complete another 550 Equity MW projects under construction as planned.
Dr. Toemchai Bunnag, Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, an electricity and utility producer flagship of PTT Group said that GPSC had total revenue of Bt.5,553 million in the Q2/2016, drop 16%, compared to the same period of the previous year. The net profit of the Q2/2016 was at Bt.686 million, up 45% from last year. As a result, the company has total revenue of Bt.11,037 billion on the 1H/2016, drop 15% from the previous year. However it does not affect to the performance as the net profit in the 1H/2016 rose 55% from last year.
In the Q2/2016, the company has booked rising revenues from the sales of electricity and steam of several projects which were Central Utility Plants in Rayong to PTT Group clients, including IRPC Clean Power Co.,Ltd (IRPC-CP) since November 2015. Additional revenue was also from the sales of electricity and steam from the Nava Nakon power plant, which has started selling steam and electricity since June 2016.
However the Q2/2016 profit dropped slightly compared to the profit of Q1/2016 about 21% due to the dividend of RPCL in Q1/2016. Nevertheless EBIT was still higher.
“The company is on its path of continuing growth since many projects that the company has started investing have started operation and sold power as scheduled.” Dr. Toemchai said.
Moreover, the company has still continued to seek ways to invest further in the big project both in the overseas market and at home since it aimed to create power security to the country as well as create its own growth. That will help support the company’s earnings to grow substantially and reflect in high returns to be paid for the company’s shareholders.