BPP’s 2Q21 Earnings Jump 65% over Higher Profit Sharing and Increased Coal Price

Banpu Power Public Company Limited (BPP) has announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

BPP reported a net profit of 1,125 million baht in 2Q21, increased 65.42% from a net profit of 680 million baht in 2Q20. The increase was mainly due to the revenue recognition from the HPC power plant, the newly acquired Nakoso power plant in Japan and unrealized FX translation gain from depreciation of THB currency against USD currency.

 

The revenue from 3 CHPs plants was reported at 861 million baht, decreased by 19% compared to the same period last year. Despite the steady but slower pace of China economic recovery, there is still concerns about the global COVID-19 surge for more dangerous variants that continue to spread and unbalanced recovery internationally and domestically, resulting in weaker demand from some of our customers.

The coal price continues to remain high due to domestic supply shortage resulting in an average coal cost of RMB 733/ton compared to last year of RMB 540/ton. However, BPP strictly continued to implement the cost control program, proactively managing the maintenance plan and operation mode in this challenging time.