BGRIM Gains 2% after Reporting a 650% Surge in 1Q21 Earnings to Book ฿610Mn

The share price of BGRIM rose ฿0.75/share or 1.80% to ฿42.0/share with a trading value of 134 million baht as of 10:51 local time in Thailand on May 12, 2021.

 

B.Grimm Power Public Company Limited (BGRIM) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

BGRIM reported a net profit of 610 million baht, increased 657% from a net profit of 80 million baht in 1Q20.

 

The company recorded a gain on exchange rate at 302 million baht in 1Q21, compared to a loss of 213 million baht in 1Q20. The gain was primarily from the balance of short-term USD loans to related parties while the local currencies depreciated against the US dollar in the first quarter.

 

Excluding unrealised gain from exchange rates, normalized net profit (NNP) was 646 million baht, increased 25.2% QoQ, but decreased 5.3% YoY with improving industrial power plants, but softening earnings contribution from solar projects in Vietnam from the start of financial cost after the end of EPC credit term and temporary curtailment.