GPSC shows its Q3/2017, which hits over its target. The company has a net profit of Bt.888 million, which represents the highest performance since IPO (Initial Public Offering). It shows the professional performance in power plant management with confidence that all power projects on hand are due to complete and start operation as planned.
Dr. Toemchai Bunnag, President and Chief Executive Officer (CEO) of Global Power Synergy Public Company Limited or GPSC, a power and utility flagship of PTT Group, said the company had a net profit of Bt.888 Million, up 9% from Q2/2017. The rise in profit was due to rising sales of power and steam from the Central Utility Plants in Rayong and IRPC-CP Power Plant to supply rising demand from the clients, which has resume its operation after a brief maintenance shutdown in Q2/2017, and rising Ft rate.
In Q3/2017, the expenses on its Sriracha Power Plant dropped in line with the shorter maintenance duration due to the Reserve Shutdown requirement of the Electricity Generating Authority of Thailand (EGAT).
Moreover, GPSC also got dividend payment from Ratchaburi Power Co.,Ltd (RPCL) of Bt.150 Million. In comparison with the net profit in Q3/2016, the Q3/2017 net profit rose by Bt.164 Million, represents a 23% rise. The rises in profit was also due to rising sale revenue which rose in line with the new Ft rate, increasing sales of power and steam from the Central Utility Plants in Rayong and IRPC-CP Power Plant to serve rising demand of the clients and Gas Turbine Generator of its Central Utility Plants had to be shut down for maintenance in Q3/2016.
“Our performance is still growing from Q2/2017, which was higher than expectation. We also expected that all on-going power projects will be completed and start commercial operation as we planned, making overall 2017 performance to continue to grow strongly,” said Dr. Toemchai.
In the remaining months of the year, GPSC has another 2 power plants that are expected to start commercial operations (COD): (1) the 20.8-MW Ichinoseki Solar Power (ISP1) in Japan, which is now under the trial test and (2) the second phase of IRPC Clean Power Plant Phase 2 (IRPC-CP2) with the capacity of another 195MW of electricity (total capacity of 240MW), which is also under the trial test. After combining these 2 projects, total electricity capacity of GPSC will rise to 1,530MW, up 11% from the previous year.
For the business strategy in the remaining of this year, Dr. Toemchai said the company expected the country’s gross domestic product (GDP) to grow, while the government still focused on increasing investment in infrastructure projects. GPSC will also seek for new opportunities and investments to generate more power supply to meet rising power demand in both international and domestic market, particularly from the government flagship policy of Eastern Economic Corridor (EEC) and other development policies that lead to economic growth. Moreover, GPSC will also continue to develop new power innovation to help strengthen the country’s power security.