The Plummet in Coal Business Drags BANPU’s 2Q Earnings to Record a Loss of ฿2.5Bn

The Plummet in Coal Business Drags BANPU’s 2Q Earnings to Record a Loss of ฿2.5Bn.

Banpu Public Company Limited (BANPU) has announced its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

BANPU reported a net loss of 2,514 million baht in 2Q20, contrasted to its net profit of 137 million baht in 2Q19 and a net profit of 1,712 million baht in 1Q20.

 

The group performance in 2Q2020 reported net loss at $79 million, decreased by $83 million compared to 2Q2019 mainly from investment restructuring expense in natural gas business of $31 million that was non- cash transaction but affected to the net profit of this quarter, moreover, a decrease of coal and natural gas sales volume and sales price aligned with global economic and also from an appreciate of THB currency against USD currency which resulted in to loss on exchange rate of $21 million.

Sales reported at $518 million (equivalent THB 16,637 million), decreased by $213 million compared to 2Q2019. This was a decrease of $192 million from coal businesses, a decrease of $14 million from the natural gas business, and a decrease of others of $7 million. Sales from the coal business, which is 87% of total revenue, were reported at $453 million, decreased 30% from $645 million in 2Q19.

 

Administrative expenses reported at $46 million, decreased by 8 million or 15%. This was because the group has focused on cost management to cope with the slowdown of the global economy. Main decrease was from professional fees and others, including domestic and overseas traveling expenses.

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