Coal and Natural Gas Price Support BANPU’s 1Q Results to Record a Slightly Lower NP by 7%

Banpu Public Company Limited (BANPU) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

BANPU reported a net profit of 51 million dollars in 1Q21, decreased 7.27% from a net profit of 55 million dollars in 1Q20. This was due to an increase in coal and natural gas price that affected the better group performance in overall, also the recognition of gain on foreign exchange rate caused by a depreciation of THB currency against USD currency.

 

Sales reported at $735 million (equivalent THB 22,262 million), increased by $102 million compared to 1Q20. This was a decrease of $63 million from coal businesses, an increase of $168 million from natural gas business, and an increase of power and steam business and others of $9 million.

 

Net gain on foreign exchange rate of $29 million derived from a depreciation of THB currency against USD currency compared to the ending date of 2020. Average exchange rate of USD/THB as of 31 March 2021 was THB 31.34 (31 December 2020: THB 30.04).

Corporate income tax of $46 million, decreased by $14 million, mainly from a decrease of defer income tax expense compared to 1Q20. This was a result of Indonesian government announced a new regulation to relief an impact from COVID-19 pandemic situation by reducing corporate income tax rate from 25% to be 22% which has been effective since 1 January 2020, resulting in higher income tax expense from deferred tax asset reversal in 1Q20.