BANPU Narrows the Loss to 516Mn in 3Q as Economy Recovers from Global Pandemic

BANPU Narrows the Loss to 516Mn in 3Q as Economy Recovers from Global Pandemic.

Banpu Public Company Limited (BANPU) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

BANPU recorded a net loss of 516 million baht in 3Q20, increased 1,167% compared to a net loss of 40 million baht in 3Q19, but performed better when compared to a net loss of 2,514 million baht in the previous quarter.

 

In this quarter, the depreciation of Thai Baht against the US Dollar at 31.66 THB/USD compared to the previous quarter at 30.89 THB/USD resulted in an unrealized translation gain of USD 20 million.

BANPU stated that the sign of global economic recovery in the third quarter has been improving after being heavily impacted from the coronavirus pandemic in the previous quarter. The Energy demand from both industrial and residential sectors have been gradually improved supported by the rationalization of demand and supply of the global coal, oil, and gas industry.

Moreover, the implementation of cost cutting with careful utilization of investment budget reflects in the improvement of BANPU financial performance in the third quarter compared to the previous quarter.

Renewable business continues to progress well with consistent power generation. Project Yamagata solar and Project Yabuki solar in Japan remain its target to achieve COD in November and December 2020 respectively while Soc Trang wind project in Vietnam reach 30% construction progress. Energy technology business continues progressing in its product and service development, in this quarter BanpuNEXT secured 68 MW additional capacity from solar rooftop and floating business.

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