GPSC’s 1Q20 Profit Soars 68% to ฿1.58Bn after Fully Recognizing Income from GLOW!

Global Power Synergy Public Company Limited (GPSC) has reported its 1Q20 financial statement through the Stock Exchange of Thailand as follows;

GPSC reported a net profit of 1,579 million baht in 1Q20, jumped 67.69% from a net profit of 942 million baht in 1Q19. The increase was a result of the full quarter recognition of revenue, cost and profit from GLOW (1Q19 GLOW was acquired for only 18 days).

Operating revenue in 1Q20 was 18,308 million baht which increased by 9,241 million baht or 102% from 1Q19. The increase was mainly due to the revenue from IPP and SPP.

The gross profit for Independent Power Producer (IPP) increased by 827 million baht from 1Q19 as a result of the increase in gross profit of Sriracha Power Plant by 61 million baht, due to the increase in Availability Payment (AP) which as a result of the depreciation of Thai Baht against US Dollar. In addition, the increase was a result of recognizing gross profit from 3 of GLOW’s IPP plants for the full quarter which increased by 766 million baht.

The gross profit for Small Power Producer (SPP) increased by 2,065 million baht as a result of recognizing gross profit from GLOW’s SPP plants for the full quarter, which increased by 2,157 million baht. As for GPSC’s SPP plants, gross profit decreased by 92 million baht due to the decrease in electricity and steam sales volume from Rayong Central Utility Plants (CUP) as major industrial customers had a planned maintenance shutdown. In addition, the steam selling price has decreased following the decrease in price of natural gas.