GULF Reports a Skyrocket Profit in 2Q after the Recognition of Higher Revenue from SPPs

Gulf Energy Development Public Company Limited (GULF) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

GULF records a soaring profit in 2Q19 at THB 1,603 million, recovered from a net loss of THB 438.03 million in 2Q18. The increase of GULF’s profit was due to the higher revenue from sales and services which increased by 77.7% YoY from THB 4,019.5 million in Q218 to THB 7,144.1 million in Q219 from the revenue recognition of ten SPPs which had gradually begun commercial operation from 2017 until Q219, compared to revenue recognized from only six SPPs in Q218.

The revenue growth reflects the impact from electricity sales to EGAT of the SPPs in Rayong province, which declined by 5.7% YoY from the 500 kV transmission line maintenance.

Moreover, the company had a recognition of unrealized gain on exchange rate of THB 618.0 million in Q219 compared to the unrealized loss on exchange rate of THB 1,232.8 million in Q218, resulting from the appreciation of Thai Baht by 2.41 baht/USD from 33.33 baht/USD at the end of Q218 to 30.92 baht/USD at the end of Q219.