PSTC Cuts Net Loss to THB671 Million in 2021 with a Help of Asset Impairment

Power Solution Technologies Public Company Limited (SET: PSTC) has announced its 2021 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2021 2020
Net Profit (Loss)
Million Baht
-671.52 -1,005.36
Earning Per Share
-0.28 -0.42
% Change 33.21

PSTC reported a net loss of 671 million baht in 2021, improved from a net loss of 1,005 million baht in 2020. The main reason was the impairment of assets amounted to 144.33 million baht and impairment of goodwill amounted to 11.17 million baht.

Total revenue comprised of sales and services income from the power and energy management business and sales of liquid petroleum, sales of electricity income and revenue from construction service of Oil and Take as well as other projects related to power business and other income. Total Revenues for the year ended 2020 and 2021 was 2,371.64 million baht and 2,343.15 million baht respectively.

PTSC reported lower revenues by 28.49 million baht from previous year, mainly from lower sales of liquid petroleum due to the impact from Coronavirus disease 2019 pandemic. In relation to this same impact, PSTC also reported the decrease of revenue from power and energy management because the state enterprises and big private companies postponed the investment. While the biogas and biomass power plants ceased production during this year due to big maintenance.

Sales income consisted of sales of LNG, LPG and NGV gas, goods for Power and electricity business as well as products related to piping of an oil tank. Total sales income was reported at 711.44 million baht, decreased from previous year by 336.61 million baht or 32.12%.

The company recorded the impairment of NGV Gas station 144.33 million baht and impairment of goodwill of investment in the subsidiary which is the same NGV gas station amounted to 11.17 million baht this year. This impairment of NGV station happened due to lower forecast consumption of NGV compared to the previous year, causing lower revenue of these assets and its goodwill.