BPP’s 1Q20 Profit Falls 22% after Recognizing the Change in Type of Subsidiary Investment

Banpu Power Public Company Limited (BPP) has reported its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

BPP reported a net profit of 975 million baht in 1Q20, decreased by 279 million baht or 22.25% when compared to a net profit of 1,254 million baht in 1Q19 mainly due to the recognition of accounting entry from the change in type of investment in Banpu Renewable Energy Co, Ltd (BRE), a subsidiary, to be investment in an associate, Banpu Next Co., Ltd (BNEXT) that established from the amalgamation of BRE and Banpu Infinergy Co., Ltd (BPIN). The group consolidated net profits from solar power plants and energy trading business from Jan – Feb 2020, whereas, took profit sharing of BNEXT in March 2020.