GPSC Books a Slightly Lower Profit in 3Q at ฿893m, 9-Month Still Records a 2% Growth

Global Power Synergy Public Company Limited (GPSC) has reported its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

The net profit of GLOW for Q3/2019 was 893 million baht, decreased from Q3/2018 by 6 million baht or 0.72%. The main reason for the decrease in net profit for GPSC is mainly from the fall in operating results from GLOW that had been impacted by GHECO-One in which the selling price has fallen in Q3/2019, a seasonality effect usually occurring in the third quarter of every year. In addition, the dispatch volume from Houay-Ho as a result of the lower power generation.

The company had to recognize the interest expense which increased by 133 million baht from Q2/2019 as this expense must be paid due to the tender offer process in May 2019 of 26.14% from the acquisition of GLOW. This results in the company to hold 95.25% share in GLOW.

GPSC also faced an increase in Front End Fee Amortization of 240 million baht as a result of the adjustment of short-term loan repayment plan of 74,000 million baht in October 2019.