Power Solution Technologies Public Company Limited (mai: PSTC) has reported a significant financial recovery for the first quarter of 2026. The company announced a consolidated net profit of THB 46.8 million, representing a dramatic increase of THB 188.3 million compared to the THB 141.5 million loss recorded during the same period in 2025.
A primary driver of this turnaround was the strategic disposal of Thai Pipeline Network Co., Ltd. (TPN). By exiting this joint venture, the company eliminated a THB 145.5 million share of loss that had heavily weighed down the previous year’s bottom line. While the disposal resulted in a minor one-time loss of THB 3.7 million, the overall impact on the company’s profitability was overwhelmingly positive.
PSTC’s total revenue rose by 15% to THB 459.6 million, up from THB 399.6 million in 1Q26. This growth was fueled by a massive 472.5% surge in construction service revenue, which climbed to THB 109.0 million following accelerated progress on the PTT Natural Gas Separation Plant Unit 7 (GSP7) project.
This construction boom successfully offset an 8.5% decline in sales income, which fell to THB 311.6 million due to softened demand for liquefied natural gas (LNG) amidst a global and domestic economic slowdown.
Profitability also benefited from a THB 35.5 million improvement in credit loss allowances, as PSTC received debt repayments from previously doubtful accounts. On the expense side, selling and administrative costs rose by 11.3% to THB 36.7 million, primarily due to increased employee-related expenses. Despite these rising costs, the company’s EBITDA climbed to THB 59.8 million, reflecting stronger core operational efficiency and a healthier gross profit margin of 11.3%.
Overall, PSTC’s 1Q26 performance signals a successful pivot toward more profitable segments and a cleaner balance sheet after shedding loss-making joint ventures.
