GPSC 2Q Earnings Jumps 21% from an Increase in Profit Sharing of Xayaburi HPP-Glow Energy
Net profit for GPSC in 2Q21 was THB 2,302 million, increasing by 21%, mainly due to an increased in shares of profit from Xayaburi hydropower plant and recognized other income from partial insurance claim of Glow Energy Phase 5 incident.
Global Power Synergy Public Company Limited (GPSC) has announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
Net profit for GPSC in 2Q21 was THB 2,302 million, increased by THB 406 million or 21% from 2Q20 which was mainly due to an increased in shares of profit from Xayaburi hydropower plant and recognized other income from partial insurance claim of Glow Energy Phase 5 incident. SPP’s gross profit increased from lower natural gas cost while IPP’s gross profit decreased due to GHECO-One plant having an unplanned outage in Q2/2021.
When comparing to 1Q21, net profit for the company increased by THB 329 million or 17% mainly due to higher shares of profit from Xayaburi hydropower plant and recognized other income from partial insurance claim of Glow Energy Phase 5 incident and increase in IPP’s gross profit although gross profit from SPP business decreased due to higher natural gas and coal price as well as higher maintenance cost.
GPSC recognized synergy value from the acquisition of GLOW amounting THB 436 million (after tax) in 2Q21, mainly from operation and maintenance -power and steam network integration, commercial activities, and procurement and maintenance management.
