ACE’s Earnings Fall 39% in 1Q to ฿360Mn
ACE's Net profit decreased by 39.3% to Baht 360.3 million, mainly came from extraordinary items in the first quarter of 2020 which is income from insurance claims.
Absolute Clean Energy Public Company Limited (ACE) has reported its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
Net profit for Q1/2021 compared to Q1/2020 decreased by 39.3% from Baht 593.5 million to Baht 360.3 million. The decrease of Baht 233.2 million mainly came from extraordinary items in the first quarter of 2020 which is income from insurance claims amounting to Baht 171.9 million, while no income from insurance claim in the first quarter of 2021. However, net profit for the first quarter of 2021 increased by Baht 106.2 million or 41.8% compared to the fourth quarter of 2020, which has a net profit amounting to Baht 254.1 million.
Sales and service income (included revenue from finance lease under a Power Purchase Agreement) for Q1/2021 compared to Q1/2020 increased by 8.0% from Baht 1,216.6 million to Baht 1,314.1 million. The increase of Baht 97.5 million, mainly derived from sales of Biomass Power Plant which increased by Baht 95.6 million or 14.2% from increase in revenue from the new biomass power plants which the Group acquired in the third quarter of 2020.
In addition, sales of Municipal Solid Waste Power Plant increased by Baht 49.8 million or 69.7% from revenue recognition of Municipal Solid Waste Power Plant in Krabi which started its commercial operation on 28 December 2020.However, sales of Natural Gas Power Plant decreased by Baht 48.5 million or 10.3% from decrease in unit rate, which is adjusted in line with the decline in average natural gas price, thus sales also decrease in line with the fuel material cost of natural gas.