Profit for CK Power in 1Q22 Slips on Higher Fuel Costs

CK Power Public Company Limited (SET: CKP) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
38.73 114.60
Earning Per Share
0.005 0.014
% Change -66.2

CKP reported a net profit of THB38.73 million in 1Q22, a decrease of 66.2% year-on-year, mainly due to the higher fuel costs compared to the same period last year, partially offset by the YoY decline in share of loss from investment in XPCL.

Total revenue of 1Q22 increased by 21.0% year-on-year, mainly driven by an increase in revenue from sales of electricity and steam of BIC by 49.6% year-on-year following the rise in natural gas price during 1Q22 compared to the same period last year.

In 1Q22, CKP recorded a decline in the share of loss from investments in Jointly Controlled Entities and Associated Companies of 90.7% year-on-year. The improvement was primarily from lower share of loss from investment in XPCL, comprising a share of profit according to the company’s shareholding proportion of THB1.1 million and the recognition of the amortization of right to produce and sell electricity of THB14.0 million. XPCL operating results improved YoY from higher electricity sales volume following YoY increase in average water flow.