Global Power Synergy Public Company Limited (SET: GPSC) announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
|Net Profit (Loss)
|Earning Per Share
GPSC reported a net profit of THB 1,118 million, increased by THB 804 million or 256% from 1Q22 which was mainly due to the Ft increased to THB 1.5492 per unit from THB 0.0139 per unit, which could help increasing the margin in selling electricity to industrial customers from the below rate than normal in previous periods.
Even though, electricity and steam sales volume to industrial customers were lower in line with plant maintenance of industrial customers in Q1/2023. However, IPP’s operating results were increased due to higher gross profit from GHECO-One power plant due to the average coal cost being less than market prices during the coal price upward trend. In addition, the Company recognized a higher share of profit from Avaada Energy Private Limited (AEPL) due to additional COD projects and tariff adjustment from some projects which were already in commercial operation. While lower share of profit of Xayaburi hydro power plant according to lower water level.
Gross profit of Independent Power Producer (IPP) increased by THB 217 million or 16% YoY, mainly due to higher gross profit from GHECO-One power plant as average coal cost was less than market prices during coal price upward trend.
Meanwhile, gross profit of Small Power Producer (SPP) increased by THB 1,760 million or 122% mainly due to the Ft increased which could help increasing the margin in selling electricity to industrial customers. Moreover, total electricity sales volume slightly increased from higher electricity sales volume to EGAT, while electricity and steam sales volume to industrial customers decreased due to plant maintenance of industrial customers in 1Q23.