BCPG lifts quarterly gains
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.