Banpu Public Company Limited (SET: BANPU) reported a net loss of USD 14.2 million for the first quarter of 2025. This marked a significant decrease of USD 57 million, or 133%, compared to the same period last year.
While the Group generated an operating profit of USD 23.1 million and achieved higher gross profit compared to 1Q2024, the net result was impacted by unrealized foreign exchange translation losses totaling USD 7.6 million, primarily due to the strengthening Thai baht, and unrealized losses on financial derivatives.
The global energy market in 1Q2025 experienced pressure from a fragile economic environment, contributing to reduced energy demand and a decline in coal and natural gas prices. Despite this challenging backdrop, Group sales increased by USD 150 million year-on-year, reaching USD 1,284 million.
The Coal business, representing 50% of total sales, saw sales volume increase by 10% compared to 1Q2024. However, a 21% decrease in the average selling price led to a 10% decline in coal sales value. The Natural Gas business in the US, accounting for 17% of revenue, reported a 22% increase in sales compared to 1Q2024, driven by a 59% surge in the average local price despite an 8% decrease in sales volume. The price improvement reflected a higher Henry Hub index and increased winter demand. The Energy Generation business (17% of revenue) saw mixed results, affected by planned maintenance and weather conditions impacting power prices relative to gas costs in the US.
The company continues to focus on its Energy Symphonics strategy, emphasizing a balanced and diversified portfolio, disciplined cost management, and operational efficiency to enhance resilience.
