Banpu Pubic Company Limited has announced its first half 2017 operating results with total sales revenue of US$1.266 billion (approximately THB 43.425 billion), an increase of 24% or equivalent to US$244 million (approximately THB 8.369 billion) compared to the same period last year.
The net profit is reported at US$107 million (approximately THB 3.670 billion), showing a significant increase over the same period last year of US$2.8 million (approximately THB 96 million). This is due to the average selling price of coal which has increased by 44% in 2Q. Banpu is now gearing up to capture the new era in the energy industry by focusing on the Banpu Greener & Smarter strategy.
Ms. Somruedee Chaimongkol, Chief Executive Officer of Banpu Public Company Limited, said:
“Banpu has managed to achieve the company’s growth target thanks to continuously higher coal prices in the world market, resulting in a higher average selling price of coal. The Shale Gas business generated a profit increase following an additional investment made in the first quarter of 2017 while the Power Business has operated continuously throughout the quarter.
For the second quarter of 2017, Banpu reported a total sales revenue of US$ 633 million (approximately THB 21.713 billion), a 35% increase or equivalent to US$163 million (approximately THB 5.591 billion) compared to the same period last year. EBITDA (earnings before interest, tax, depreciation and amortisation) is similar to the previous quarter at US$215 million (approximately THB 7.375 billion) with a significant increase when compared with the same period last year. Net profit is reported at US$66 million (approximately THB 2.264 billion), a 61% increase over the previous quarter and a 725% increase compared to the same period last year.
With the performance in the second quarter of 2017, the company achieved a total sales revenue for the first half of 2017 at US$1.266 billion (approximately THB 43.425 billion), a US$244 million (approximately THB 8.369 billion) or 24% increase over the same period last year. EBITDA for the first half of 2017 was US$431 million (approximately THB 14.784 billion) and a net profit of US$107 million (approximately THB 3.670 billion), reflecting the company’s strong performance with a significant improvement over the last year.
2Q17 Business Performance can be categorised as follows:
For the coal business, Banpu reports sales revenue of US$582 million (approximately THB 19.963 billion), a 3% increase over the previous quarter and a 36% increase over the same period last year. The increased revenue came from a significant rise in the average selling price of coal at US$66.66 per tonne, a 44% increase from US$46.23 per tonne last year. The increase has continued on from the last quarter at USD 65.86, with a total sales volume of 8.71 million t, equivalent to 0.13 million t over the previous quarter, with 5.56 million t from Indonesia and 3.15 million t from Australia.
The average selling price of coal from Indonesia, Australia and the China Republic has increased in line with the world market’s average selling price, giving a 2% increase over the previous quarter and 52% over the previous year to US$70.43 per tonne.
Banpu’s Power Business reported total sale revenues from power, steam and other business at US$43 million (approximately THB 1.475 billion) with strong equity income from BLCP and Hongsa Power Plant, both of which are operating smoothly. This quarter shows the highest contribution from Hongsa Power Plant since its COD in the last two years. As a result, EBITDA from Power Business is US$59 million (approximately THB 2.024 billion) in this quarter.
Highlights
- First half of 2017 net profit reported at US$107 million (approximately THB 3.670 billion), a significant improvement over previous year’s net profit of US$2.8 million (approximately THB 96 million).
- Average Selling Price of Coal increases by 44% in 2Q compared to same period last year.
- Power business gains equity income at a good level especially from Hongsa Power plant in 2Q.
- Looking for investment in new business in line with future energy trends.