The share price of Global Power Synergy Plc. (SET: GPSC) dropped THB3.00/share or 4.76% to THB60.300/share, with losses escalating in recent days after the company reported an 84% decline in 1Q22 earnings.
As of 11.22 local time in Thailand, the total trading value of GPSC was THB501 million.
In 1Q22, GPSC reported a net profit in 1Q22 of THB313 million, decreased by THB1,660 million or 84% from 1Q21, which was mainly due to lower SPP business’s performance following natural gas and coal price increased significantly, resulting in lower margin in selling electricity to industrial customers. The electricity sales volume to industrial customers was stable, while steam sales volume to industrial customers increased slightly and energy dispatch to EGAT decreased slightly.
However, there was an increase in gross profit of IPP business due to higher Energy Payment (EP) from higher electricity sales volume corresponding to higher dispatch instruction by EGAT and operational management by using diesel instead of natural gas, resulting in higher margin from electricity sales.
