BCPG Public Company Limited and its subsidiaries (SET: BCPG) announced their operating results in Q2/2023 with a core profit of THB 182.6 million, or a 14% increase from Q1/2023. The major contributors were revenue recognition from oil terminals in Thailand from June 2023 and higher revenue from solar power projects in Japan thanks to higher irradiation.
The shutdown of hydropower plants in Laos in late 2022 to prepare for electricity sales to Vietnam Electricity (EVN) caused a 67% decrease in net profit compared with Q2/2022. However, the plants could start commercial operation to EVN in late June 2023.
According to Niwat Adirek, President and CEO of BCPG, the Company’s net profit in Q2/2023 accounted for THB 201 million, a 61% decrease from Q1/2023 due to higher curtailment days of the solar power project, Chiba 2, in Japan. Compared with Q2/2022, there was a decrease in net profit of 39% resulting from the shutdown of hydropower plants in Laos to prepare for electricity sales to EVN. The plants, however, have been distributing electricity to EVN since June 2023.
“In the second half of 2023, we expect to achieve full revenue recognition from hydropower plants in Laos, oil terminals in Thailand, and sharing profit from natural gas power plants in the US”, said Niwat.