BANPU PUBLIC Company Limited (BANPU), a leading integrated energy solutions company in Asia Pacific, has announced its first-quarter operating results with growth reaching the company’s target.
The company reported a total sales revenue of US$700 million (Bt22.07 billion) and an increase of EBITDA (Earnings before interest, tax, depreciation and amortization) of 5 per cent or US$11 million (Bt347 million), compared to the same quarter last year.
Excluding the strong appreciation of the Thai baht against the US dollar, resulting in a net loss of US$33 million (Bt1.04 billion) and the one-off court payment for Hongsa case of US$86 million (Bt2.71 billion), the company reported a net profit of US$79 million (Bt2.49 billion).
Given the company’s strong integration throughout its core business units, from upstream, midstream to downstream to enhance Banpu’s competitive advantage combined with the application of innovations, new technology and solutions across the organisation, in line with the Banpu Greener & Smarter strategy, Banpu is confident that these strategic moves will lead the company to sustainable growth and continuous performance enhancement.
Somruedee Chaimongkol, chief executive officer of Banpu Plc, said that in the first quarter of this year, the company posted a robust overall performance and achieved all business targets. The coal business generated high revenue due to rise in coal prices while the power business showed significant improvement on operational performance with relatively high EAF, delivering a strong cash flow.
The shale gas business realised revenues from all six assets as US Banpu Group is moving forward with strong integration and synergy across all core business units from upstream, midstream to downstream. The strong integration enables the company to optimise its resource deployment throughout its supply chain and the workforce’s skills, resulting in better working performance, competitiveness enhancement and cost reduction. This will not only provides a better return on investment for investors and stakeholders, but also brings about the business sustainability of Banpu as a leader in integrated energy solutions.
In first quarter, the group’s coal business reported sales revenues of US$593 million (Bt18.70 billion), a five-per cent increase over the same period last year due to higher average selling price of coal in the global market and a tight supply.
Banpu’s power business reported revenues from power, steam and other businesses of US$81 million (Bt2.55 billion), resulting from the combined heat and power plants in China, which reported higher steam sales during the winter season, the Luannan combined heat and power plant’s new second-phase, and the increased revenues due to the seasonality and the start of commercial operation of all five solar plants in China.