BCPG Public Company Limited (SET: BCPG) and its subsidiaries announced their operating results in Q1/2023 with total revenue of THB 1,057 million, a 16.5% decrease from Q4/2022, while the net profit reached THB 512 million or a 72.9% increase compared with the last quarter of 2022. The major contributors were 1) foreign exchange gain and 2) the reverse allowance for impairment of assets of THB 267 million due to the risk of delayed construction permit of the solar power plant in Chiba, Japan. However, the project could start the construction process and is expected to commercialize as scheduled.
BCPG’s core profit accounted for THB 160 million or a 57.3% decrease from Q4/2022 due to lower revenue contribution from hydropower projects in Lao PDR as the plants being shut down in the quarter to prepare for the transfer of electricity sales to Vietnam Electricity (EVN). However, higher revenue contribution from the company’s green power plants; solar power plants and wind power plant in Thailand, solar power plants in Japan, as well as a higher share of profit from wind power plant in the Philippines and combined cycle gas turbine power plants in the USA, could alleviate some impact.
According to the operating results in Q1/2023, compared with the same period last year, there was a decrease in total revenue of 8.7%, a decrease in net profit of 62.5%, and a decline in core profit of 69.1%. This was due to an absence of profit from the divestment of geothermal power plants last year and the shutdown of hydropower plants in Lao PDR for the transfer of electricity sales to Vietnam. BCPG has completed the installation of the transmission line and appropriate equipment and expects to start selling electricity from Lao PDR to Vietnam after receiving permission on electricity sales from Vietnam’s government.
In March 2023, BCPG could recognize a share of profit from the combined cycle gas turbine power plants in the USA, in which the company has invested since early 2023, of THB 36 million and will have full recognition of share of profit in Q2/2023. The company also expects to receive permission on a grid connection for the first solar power plant in Taiwan, with a total production capacity of 58 MW, in May. It plans to start the construction process in the second half of the year.