BCPG lifts quar­terly gains

Bangkok Post - - BUSINESS - POST RE­PORTERS

SET-listed BCPG Plc, the re­new­able power arm of mostly state-owned re­finer Bangchak Cor­po­ra­tion Plc, posted a 43% rise in net profit in the third quar­ter this year be­cause of higher rev­enue from projects in In­done­sia and the Philip­pines.

But lower rev­enue from projects in Ja­pan and losses in­curred from for­eign ex­change weighed on the re­sults.

BCPG pres­i­dent and chief ex­ec­u­tive Bun­dit Sapi­anchai said the com­pany had a net profit of 514 mil­lion baht in the third quar­ter this year, up 43% year-on-year from 360 mil­lion.

He said the higher profit was largely from ris­ing rev­enue from a geo­ther­mal power plant in In­done­sia that started com­mer­cial op­er­a­tions re­cently, as well as rev­enue from a wind farm project in the Philip­pines.

How­ever, rev­enue from power sales in Ja­pan dropped 4% from the pre­vi­ous quar­ter as cloudy weather in the rainy sea­son cut the in­ten­sity of sun­light, re­sult­ing in lower so­lar power-gen­er­at­ing ca­pac­ity at projects there.

The com­pany also lost 166 mil­lion baht from for­eign ex­change in the third quar­ter.

BCPG posted flat growth in net profit for the first nine months this year of 1.43 bil­lion baht.

Mr Bun­dit said the com­pany plans to di­ver­sify and sell power ser­vices to con­sumers via the in­ter­net, or the “In­ter­net of En­ergy”.

Re­cently BCPG signed an agree­ment to de­velop a “smart green en­ergy com­mu­nity” that of­fers ser­vices to help home­own­ers gen­er­ate their own power and al­lows them to buy and sell power among their com­mu­nity through blockchain tech­nol­ogy and a smart­phone ap­pli­ca­tion.

“This scheme should help in­crease value from our re­new­able power, help­ing to raise our rev­enue sus­tain­ably both in terms of vol­ume gen­er­ated and value,” he said.

BCPG shares closed yes­ter­day on the SET at 23 baht, down 10 sa­tang, in trade worth 877 mil­lion baht.

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