CKPower suffers $12.6m net loss in Q1

Its revenue declined by 7.3% YoY to $68.4m.

CK Power Public reported a net loss of $12.6m (THB461m) in the first quarter, expanding from the $9.8m (THB357m) net loss in the same period last year, due to the lower average weather inflow in the Xayaburi Hydroelectric Power Plant.

In a statement, CKPower also attributed the net loss to the higher finance costs of the Xayaburi plant due to the increasing global interest rates and a share of foreign exchange loss from the translation of the US dollar-denominated loan based on the share in the Luang Prabang Hydroelectric Power.

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CKPower CEO Thanawat Trivisvavet said that the net loss is in line with the trend of the seasonal water levels which are at their lowest in the first quarter.

The company’s revenue declined by 7.3% year-on-year to $68.4m (THB2.5b) due to lower revenue from electricity and steam sales from the Bangpa-in Cogeneration Limited because of the lower average natural gas price and lower retail fuel tariff.

Its gross profit, on the other hand, rose by 20.5% to $15.3m (THB560m) due to the higher reserved water levels and inflows at the Nam Ngum 2 Hydroelectric Power Plant.

$1 = THB36.55