CH. Karnchang Earnings Weaken in 3Q21, but Remain Positive in 9M21

CK. Karnchang Public Company Limited (CK) announced its 3Q21 and 9M21 consolidated financial statement through the Stock Exchange of Thailand as follows;

CK reported a net profit of 275.22 million baht, a decrease of 499.24 million baht or 64.46% from the same period of last year, while a net profit for the first nine months of 2021 was 801.12 million baht, an improvement of 76.49 million baht or 10.56% as compared to the same period of the previous year.

This was mainly due to interest income of 382.91 million baht related to construction period  extension for Bang Phli-Suk Sawat (Bang Phli-Bang Khuntian) Expressway according to the Supreme Administrative Court’s decision and an increase by 290.53 million baht of share of profit from investments in associated companies as a result of better financial performance of CK Power Public Company Limited.

Revenues from construction contracts was 8,641.53 million baht, representing 83.73% of total revenues, a decreaseof 34.24% or 4,499 million baht from last  year. The revenue dropped because the Project Management, Supply, and Installation of the M&E Systems for the MRT Blue Line Extension Project and XayaburiHydropower Project were almost complete while newly awarded projects are relatively smaller than those projects and some just recently started, namely the Learning and Research Centre Commemorating Her Royal Highness Princess Chulabhorn’s 60th Birthday Anniversary and Water Transmission Tunnels along Kanchanaphisek Road.

Additionally, CK reported a share of profit from investments in associated companies of 897.68 million baht, up by 290.53 million baht, or 47.85%, from the same period of last year. The growth mainly came from CK Power Public Company Limited’s improved performance from more electricity generation, while the COVID-2019 pandemic which led to less transportation still weakened the financial performance of Bangkok Expressway and Metro Public Company Limited.