FX Loss and TFRS9 Adjustment Pressure EGCO to Submit a Net Loss of ฿413M in 1Q

Electricity Generating Public Company Limited (EGCO) has reported its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

EGCO reported a net loss of 413 million baht, contrasted to its net profit of 3,749 million baht in 1Q19. The decrease that led to the booking of a net loss was due to the impact of lease income and the impact of financial instruments (TFRS9) as well as the loss in FX at an amount of 3,098 million baht.

The operating profit of EGCO Group for Q1/2020 was Baht 2,357 million, decreasing by Baht 558 million compared to Q1/2019, which came from a decrease in power generation business of Baht 562 million and an increase in other business of Baht 4 million.

As of March 31, 2020, EGCO Group’s portfolio consists of 28 operating power plants, with a total contracted capacity of 5,475 MW equity and 2 construction projects, with a total contracted capacity of 171 MW equity.