GUNKUL Earnings Drop Slightly in 1Q23 on Lower Revenue, Derivative Fair Value Loss

Gunkul Engineering Public Company Limited (SET: GUNKUL) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q23 1Q22
Net Profit (Loss)
Million Baht
456 503
Earning Per Share
0.05 0.06
% Change -9.45

GUNKUL reported a net profit of THB455.80 million for the first quarter of 2023, a decrease of THB47.55 million, or 9.45% from a net profit of THB503.35 million in the same period last year, mainly due to a decrease in revenue from sales and loss on change in fair value of derivatives.

In 1Q23, revenue from sale of electricity and adder in the purchase price of electricity for the period was at the amount of THB562.37 million, compared to the same period of the previous year at THB947.01 million, a decrease of THB384.64 million, or 40.62%.

GUNKUL also posted loss on changes in fair value of derivatives of THB69.06 million, compared to the same period last year that saw a profit of THB294.36 million, an increase of loss of THB363.42 million, which arises from the US dollar swap contracts from the past wind power projects and interest rate swap contracts from solar and wind power projects which began recording in accordance with the Accounting Standard No. 9 on Financial Instruments, effective from 1 st January 2020 onwards.