Baht Depreciation in 3Q Leads to a 52% Decline in EGCO’s Earnings

Electricity Generating Public Company Limited (EGCO) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;


EGCO recorded a net profit of 1,073 million baht in 3Q21, decreased 52.64% from a net profit of 2,267 million baht in 3Q20. The decrease was mainly due to the baht depreciation, as a result the company recognized an increase in unrealized foreign exchange loss from the conversion of long-term debt denominated in US Dollars to Thai Baht. Additionally, the company recognized net loss on remeasurement of financial instruments.


The operating profit for 3-month period of 3Q21 was increased by 13% or 370 million baht compared to 3Q20 mainly due to the increased operating profit of SBPL, NTPC and XPCL were increased, caused by higher electricity sales. Additionally, MME was increased, caused by higher export of coal and coal unit price. However, the operating profit of Paju ES was decreased due to higher fuel cost.

EGCO recorded a net loss of 2,670 million baht from foreign exchange during the third quarter of 2021, which was an increase by 183% from a net loss of 805 million baht in 3Q20.