Bangkok, 10 Aug-GPSC announces 2Q/2023 operating results at 309 million baht, a 55% decrease in profit from Glow Energy Phase 5 power plants having planned maintenance shutdowns. And the operating performance of the Xayaburi project declined in line with the decrease in water volume. IPP gross profit declined. Estimated lower energy costs in the second half of the year. In addition, the Thai economy continues to recover.

Mr. Worawat Pitayasiri, Chief Executive Officer and President of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, revealed that the results for the second quarter of 2023 had revenues totaled 23,056 million baht, with a net profit of 309 million baht, a decrease of 55% compared to the same period last year (YoY) as a result of a decrease in profit sharing from the investment in the Xayaburi Project (XPCL) due to decreased amount of water compared to the same period last year In addition, this year there was no gain from special items from the shareholding restructuring of the battery business to support future growth. While the performance of small power plants (SPPs) saw a significant increase in revenue from sales of electricity and steam. As a result of the increase in Ft, the margin from electricity sales to industrial customers increased Although faced with rising fuel costs in the past

Mr. Worawat said Compared to 1Q23 (QoQ), net profit was down 72% due to a decline in Ft since May 2023, although during this period there was some decline in fuel costs. In addition, the Glow Energy Phase 5 plant had a 25-day maintenance shutdown, and the Sriracha and Glow IPP power plants. The power plant is not running on diesel fuel. This is in line with the electricity demand plan of the Electricity Generating Authority of Thailand (EGAT).

As for the operating results for the first 6 months of 2023, the company had a net profit of 1,427 million baht, an increase of 43% compared to the first 6 months of 2022 with a net profit of 997 million baht due to the corresponding increase in the Ft value. with more energy costs This increases the margin of electricity sales to industrial groups.

It is expected that The country's economy in the second half of the year will recover. The Bank of Thailand (BOT) expects economic growth to be at 3.6% due to the recovery of tourism. Private consumption and Thai exports will gradually recover, similar to or expanding more than the previous assessment. As a result, the demand for electricity is likely to increase.-Thai News Agency

Source: Thai News Agency