“Titipong Chulaphonsiridee” Chief Financial Officer of “GPSC” announced operating results for the 1st quarter of 2024, a net profit of 864 million baht, decreased compared to the 1st quarter of 2023 due to a decrease in the electricity sales margin.
Mr Thitipong Chulapornsiridee, Chief Financial Officer of Global Power Synergy Public Company Limited or GPSC, informed the Stock Exchange of Thailand that he would like to present the company’s financial statements. and subsidiaries for the 3 month period ending 31 March 2024, which has been reviewed by auditor PricewaterhouseCoopers ABAS Company Limited and approved by the Company’s Audit Committee
The company’s gross profit in the first quarter of 2024 was 5,060 million baht, an improvement of 206 million baht, while the company’s net profit was 864 million baht, representing a decrease in the company’s net profit of 254 million baht compared to r the first quarter of 2023, this was mainly because the margin of electricity sales from generation using diesel fuel instead of natural gas at Sriracha Power Plant had decreased from the previous year. This is in line with the EGAT electricity billing scheme, while the overall performance of the small power plants (SPP) increases from the margin of selling electricity to industrial customers increases due to the Ft factor That can better reflect the cost of energy prices from the end of year In addition, the volume of electricity sold to industrial customers increased.
Compared to the 4th quarter of 2023, the company’s gross profit improved by 828 million baht and the company’s net profit increased by 386 million baht, mainly because the operating results of the small power plant segment (SPP) increased due to the electric margin. sales to industrial customers increase. and the volume of electricity sold to EGAT and industrial customers increased. together with selling and administrative expenses and maintenance costs decreased seasonally from the previous quarter.
However, the company received a share of losses from investments in associates and joint ventures in the first quarter of 2024 worth 12 million baht, an increased loss of 125 million baht or 111 percent from the first quarter of 2023 and 235 million baht or 100 percent. 105 each from 4th quarter 2023.
This was mainly due to the share of losses from investments in XPCL and CFXD due to seasonal factors. and unrealized foreign exchange losses from the foreign loans of the CFXD project where the Taiwan dollar exchange rate depreciated compared to the previous quarter, respectively. Meanwhile, the share of profit from investment in AEPL increased due to increase in the number of projects opening for commercial operations. In addition, the amount of electricity sold increases according to the season.
As of March 31, 2024, the Company and its subsidiaries had total assets of 309,891 million baht, total liabilities of 189,397 million baht and shareholders’ equity of 120,493 million baht.
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