EGCO Bounces Back to Book a Profit of ฿585Mn in 1Q21 from Lower Loss in FX
EGCO record a net profit of 585 million baht in 1Q21, improved significantly from the same period of last year that the company record a net loss.
Electricity Generating Public Company Limited (EGCO) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
EGCO reported a net profit of 585 million baht, representing a significant increase compared to a net loss of 413 million baht in 1Q20. The increase was mainly due to the baht appreciation in the quarter. The company recognized a decrease in unrealized foreign exchange loss from 3,098 million baht in 1Q20 to 1,211 million baht in 1Q21 from the conversion of long-term debt denominated in US Dollars to Thai baht.
Meanwhile, the operating profit of EGCO Group for 1Q21 was 2,088 million baht, decreased by 11% or 269 million baht, compared to 1Q20 mainly due to the operating profit of KEGCO and Paju ES were decreased, caused by scheduled maintenance in 1Q21. However, the operating profit of Quezon was increased due to higher electricity sales.