PSTC’s 2Q19 Profit Drops 23% due to the Decrease in Revenues and High Expenses

Power Solution Technologies Public Company Limited (PSTC) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

The Operating results of PSTC and its subsidiaries for the second quarter of 2019 had profit attributable to equity holders of OSTC in the amount of THB 23.77 million, decreasing 23.80% YoY or in the amount of THB 7.42 million or which had been changed more than 20%.

The total revenues for 2Q2019 were THB 814.39 million, decreasing 2.70% YoY or THB 22.62 due to decrease in revenue from sales and services of 47.05 million baht came from the State Enterprise customers had postponed the timeline of the projects.
The expenses such as the financial cost for 2Q2019 was THB 33.08 million, increasing 38.18% or THB 9.14 million due to the issuance of Bill of Exchange, Bond and loan from domestic financial institutions to invest in the Fuel Pipeline Transportation.

However, in the 2Q2019, a total of PSTC gross profit was THB 115.30 million, increasing 4.48% YoY or 4.94 million due to the decreasing of cost of raw materials of the biomass power plant as its in seasonal and the capability of efficiency in controlling the total cost of the company