BCPG announced 2017’s first quarter operating results with a net profit of 454 million baht, a 16.3% increase from previous year.
The increase in earnings and net profit resulted from the operations of three solar power projects for Agricultural Cooperatives, with a total production capacity of 12 MW, together with the operations of 2 new solar power plants in Japan – Nikaho and Nagi projects – with a total production capacity of 19.3 MW. These projects have pushed up the total MW of the Company in Q1/2017 to 160 MW or a 24.3% increase in total production capacity, compared with that of Q1/2016, 128.7 MW.
However, according to the evaluation of the independent appraiser based on restatement, BCPG’s total net profit for Q1/2016 shall be 612.52 million baht resulting from the adjustment of profit from the acquisition of solar power business in Japan in February 2016.
“The appraisal of the acquisition of SunEdison met standard requirements of financial report on merger which states that the Company shall employ an independent appraiser to determine the true value of the acquired business. After the evaluation at the end of Q4/2016 and the profit realization from reduced purchasing price, the auditor adjusted the financial statement conducted on the date of acquisition in February 2016, leading to an increase in total net profit in Q1/2016, from 390.23 million baht to 612.52 million baht.”, said Mr. Bundit
In Q2/2017, BCPG and its subsidiaries expect to have contributing factors that will enhance the Company’s performance, namely 1.) Increase in Ft surcharge 2.) Whole quarter income realization for 130 MW of solar power projects in Thailand and 30 MW in Japan, coupled with favorable climate conditions for electricity generation. 3.) The signing of the Settlement Agreement with SunEdison to pay for final installment on acquisition, resulting in an increase in profit and 4.) New investment projects such as wind power project in the Philippines, together with the geothermal power project for which many leading financial institutions have already expressed their interests in lending funds. The project has been approved by the Company’s Board of Directors’ approval to enter into an agreement to the investment last week. The Extraordinary Shareholders General Meeting will be held on 13 June 2017 to seek final approval from the Company’s shareholders.