BCPG’s Profit Up Almost 30% Reflecting Strong Performance in Q1/2019
BCPG and its subsidiaries announced their operating results in Q1/2019 with a net profit of 492 Million Baht, a 29% increase, or approximately 110 Million Baht, from the previous year. Comparing with Q4/2018, there was an increase in net profit of 59% or approximately 182 Million Baht.
Mr. Bundit Sapianchai, BCPG President, said that in Q1/2019, a more favorable weather conditions resulted in robust performance of power plants in Thailand, Japan and the Philippines. Despite the reduction of the number of megawatts due to asset transaction of two solar power plants to an Infrastructure Fund in Japan last year, revenue from electricity sales totalled 808 Million Baht, stable compared with Q1/2018 and Q4/2018. However, the company reported a net profit of 492 Million Baht, a 29% increase, approximately 110 Million Baht, from the same quarter of last year. The strengthened THB against JPY during the period also brought about a profit of 38 Million Baht. This has resulted in net profit of 61% with Earnings per Share of 0.25 Baht per share for Q1/2019.
In Q1/2019, there was an increase in the share profit gained from associated companies (before amortization) from 203 Million Baht in Q1/2018 (after restated) to 225 Million Baht. With a good wind speed from monsoons and tropical storms, the Company’s wind power plant investment in the Philippines performed well with high capacity factor leading to an increase in the share profit, while the stable operational performance of geothermal power plant in Indonesia also resulted in an increase of share profit from 181 Million Baht in Q1/2018 to 188 Million Baht in Q1/2019.
As of March 31, 2019, BCPG’s total assets were 31,669 Million Baht, stable compared with those at the end of Q4/2018, while the total liabilities were 16,125 Million Baht, a slight decrease of 1.8% from the last year resulting from the reduction of interest-bearing liabilities. At the end of Q1/2019, the Company’s interest-bearing liabilities were 15,325 Million Baht, a 1.6% decrease from Q4/2018.
“The first quarter was a good start of 2019 for BCPG. From second quarter, the company will start recognizing profit from our LomLigor Wind Farm project in Nakhon Sri Thammarat, which just started the commercial operation recently. We seek business expansion through collaboration with partners from several sectors, along with using innovation for more sustainable use of energy, both in wholesale and retail.
Recently, our peer-to-peer energy trading pilot project, T77, has been recognised by world-class media – The Business Debate and Rueters – as one of the projects in the world that promote the 17 Sustainable Development Goals (SDGs) of United Nations (UN), where you can check out the video on https://www.reuters.com/17-goals. The video explains the T77 project and how it relates to the SDGs through interviews of executives from the three partners; BCPG, Sansiri and Power Ledger.”, said Bundit.