Global Power Synergy Public Company Limited (SET: GPSC) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q22 | 1Q21 |
| Net Profit (Loss) Million Baht |
313.21 | 1,973.48 |
| Earning Per Share (Baht) | 0.11 | 0.70 |
| % Change | -84 | |
GPSC reported a net profit in 1Q22 of THB313 million, decreased by THB1,660 million or 84% from 1Q21, which was mainly due to lower SPP business’s performance following natural gas and coal price increased significantly, resulting in lower margin in selling electricity to industrial customers. The electricity sales volume to industrial customers was stable, while steam sales volume to industrial customers increased slightly and energy dispatch to EGAT decreased slightly.
However, there was an increase in gross profit of IPP business due to higher Energy Payment (EP) from higher electricity sales volume corresponding to higher dispatch instruction by EGAT and operational management by using diesel instead of natural gas, resulting in higher margin from electricity sales. In 1Q22, the company recognized net gain (after tax and related expenses) from selling all shares in Ichinoseki Solar Power 1 GK (ISP1), which the Company held 100% stake in ISP1, to CES Iwate Taiyoko Hatsudensho GK, amounting THB592 million and the transaction has been completed on March 18, 2022.
In 1Q22, other non-operating income was THB932 million, increased by THB662 million mainly from a gain from selling all shares in ISP1 amounting THB785 million. Whereas, in 1Q21, the company realized a gain from selling 50% shares of Global Renewable Power Co., Ltd. (GRP) to a subsidiary of PTT amounting THB115 million. Meanwhile, other non-operating expenses and others were THB3,542 million, decreased by THB373 million, mainly from lower income tax expense due to lower operating results.
