GPSC Posts THB309 Million of Net Profit in 2Q23

Global Power Synergy Public Company Limited (SET: GPSC) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
309.28 683.77
Earning Per Share
0.1100 0.2400
% Change -54.77
6 Months 2023 2022
Net Profit (Loss)
Million Baht
1,426.95 996.98
Earning Per Share (Baht) 0.51 0.35
% Change 43.13

Net profit for the Company in Q2/2023 was THB 309 million, decreased by THB 375 million or from Q2/2022 mainly due to lower contribution from its associates and joint ventures, namely Xayaburi hydro power plant (XPCL) and Changfang and Xidao (CFXD). XPCL’s share of profits reduced by THB 477 million according to lower water levels compared to the same period of last year, which had higher than average water levels. In addition, CFXD contributed a higher share of loss of THB 132 million due to a scheduled shutdown of wind turbine generation to connect and test the system. 

Moreover, the Company’s other income and expenses and others decreased by THB 276 million mainly because in Q2/2022, the Company recognized net profit (before tax and related expenses) of THB 388 million from selling battery-related assets to NUOVO PLUS. However, GHECO-One recorded higher Availability Payment (AP), thanks to no outage incidence in Q2/2023. SPP’s operating performance increased significantly driven by an increased Automatic Adjustment Mechanism (Ft). This resulted in an improved electricity margin sold to industrial customers, despite having challenges from rising natural gas and coal prices and lower demand for electricity and steam from maintenance shutdown of some industrial customers in Q2/2023.