EA Records a 46% Hike in 2Q Profit to ฿1.44bn after Fully Recognize Income from “Hanuman”

Energy Absolute Public Company Limited (EA) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

For the three-month period ended June 30, 2019, EA earned a net profit of THB 1,442.44 million, increased by THB 457.51 million or 46.45% when compared to the same period of last year which incurred the total net profit of THB 984.93 million. And for the six-month period ended June 30, 2019, EA earned a net profit of THB 2,653.16 million, decreased by THB 278.52 million or 9.50% as compared to the same period of last year which incurred the total net profit of THB 2,931.68 million.

The higher profit in the second quarter of 2019 was mainly due to a gain of manufacturing and distributing biodiesel products and generating and distributing electricity.

For the three-month and six-month periods ended June 30, 2019, the revenues from B100 increased by THB 20.72 million or 2.57% while the selling volume increased by 27.61% from 39.40 million liters in 2Q18 to 50.28 million liters in 2Q19.

As for the selling of electricity, the three-month and six-month periods ended June 30, 2019, the revenues increased by THB 813.48 million and THB 1,026.84 million (or increased by 43.38% and 27.15%), respectively. This is due to the commencement of Hanuman project, wind power plant of subsidiary companies in Chaiyaphum Province with a total capacity of 260 MW on January 25 (90 MW), March 22 (48MW), March 30 2019 (42 MW) and April 13 2019 (80 MW), respectively.

The commencement of Hanuman Project resulted in revenue recognition gradually adding up in 1st quarter for this year and fully resulting to revenue recognition in 2nd quarter. Including of revenue increased from wind power plant of subsidiary companies at Songkla and Nakorn Si-Thammarat Province total 126 MW, due to high wind speed of monsoon that normally occurs at the end of 2018 (Dec) to the beginning of this year (Jan).