Energy Absolute Public Company limited (SET: EA) has announced 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss)
Million Baht |
421.63 | 1,962.96 |
| Earning Per Share
(Baht) |
0.1100 | 0.5300 |
| % Change | -78.52 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
1,852.07 | 6,442.97 |
| Earning Per Share (Baht) | 0.5000 | 1.7300 |
| % Change | -71.25 | |
EA reported a net profit in 3Q24 of Baht 421.63 million, a THB 1,081.08 decrease compared to the same period previous year. The decline in profit was mainly due to a decreased of THB 312 million from operating profit of solar power plant business in Nakhon Sawan province due to the expiration of the government subsidy period (adder), a decrease of THB 94 million from the impact of the reduction in the FT rate by the government, a decrease of THB 237 million from the reduced electricity generation in the Renewable Power Plant Business, a decrease of THB 66 million from the share of profit from investments in associates and joint ventures net, an increase in financial costs of THB 120 million, the expected credit loss from trade accounts receivable in the electric bus and commercial vehicle business, increased by a total of THB 56 million.
The total revenue of EA and its subsidiaries in 3Q2024 amounted to THB 4,028.70 million, decreased by THB 459.05 million compared to 2Q2024, and decreased by THB 4,536.87 million compared to 3Q2024.
The decrease in revenue was mainly due to lower income from EV bus and renewable power plant businesses.
For the renewable business, total revenue of EA and its subsidiaries amounted to THB 2,529.62 million, decreased by 20% from 3Q2023 due to the expiration of government subsidy (adder) for the Nakhon Sawan solar power plant and the impact of the reduction in the FT rate by the government. More importantly, its revenue from EV business plunged THB 2,535 million of 91% due to declining sales volume.
