GPSC showed its nine month profit that grew 45% from the same period of last year due to increasing sales of electricity and steam to its both existing and new clients and capacity of new plants which have commenced to operate as planned with confidence of its fundamental stock and strong growth. Although there was the scheduled maintenance shutdown in Q3 but the dividend from RPCL help offset the profit incurred.
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 GPSC had revenue of MB5,176 in Q3 of this year, up 12%, with a net profit of MB724, up 28% from the same period of last year. As a result, revenue in the first nine months of this year (January-September) was at MB16,214, down 8%, with a net profit of MB2,281, up 45% from the same period of last year. The decreasing of revenue caused by the demand of electricity to the Electricity Generating Authority of Thailand (EGAT), however the company was still available to distribute to EGAT as requested which has no impact to the company’s performance.
In Q3, GPSC has booked an additional revenue from rising sales of steam to its clients in PTT Group and others in the industrial sector. GPSC also gained rising revenue from the dividend from Ratchaburi Power Co., Ltd. (RPCL), which GPSC holds 15% share in the company.
“Although there was the scheduled maintenance shutdown of our plants in Q3, it was no impact to our performance because we have received the dividend from RPCL to help offset. Therefore we were still able to make good performance with the continuous growth of nine month profit.” Dr.Toemchai said.
For the operation in Q4/2016, GPSC has expected to see substantial development in Combined Heat and Power Producing Co., Ltd (CHPP), which GPSC holds 100% share. CHPP was granted a license to develop a 5 megawatt solar farm project for Chanthaburi Shrimp Farmer Cooperative in Chanthaburi province under the government’s solar farm projects for local cooperatives. The solar farm was expected to start commercial operation date by the end of December 2016 as planned by the government.