PSTC Turns to Book a Net Loss of ฿1.08Bn in 2Q after Recording Higher SG&A Expenses

Power Solution Technologies Public Company Limited (PSTC) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

For the second quarter of year 2020, PSTC had loss attributable to equity holders of the company in the amount of 1,085.58 million baht decreased from the same period of the previous year in the amount of 1,109.34 million baht or 4,667.77% which had been changed more than 20%.

Total revenues for the second quarter of year 2020 was 542.17 million baht decreased from the same period of the previous year in the amount of 271.87 million baht or 33.40% due to 1) decreasing in revenue from sales and services, due to the Coronavirus disease 2019 pandemic affecting to the economic slowdown and impact to the business operation 2) increasing in revenue of construction in the amount of 128.17 million baht came from the Oil Tank Construction.

Administrative expenses for the second quarter of year 2020 was 100.12 million baht increased from the same period of previous year by 118.02% due to the expenses incurred during repairment of the power plants and the recording in allowance for doubtful account receivables who encounter financial problems during COVID-19.

Allowance for impairment of assets was 1,022.65 million baht due to the recoverable amount is less than the book value of Biogas and Biomass power plants which have been affected from the shortage of raw materials usage and increasing in raw material costs resulting from the Country’s drought problem and the Coronavirus disease 2019 pandemic. Therefore, PSTC considered recording the allowance for impairment of such assets on the conservative basis.