CK Power’s core earnings rebound to $4.24m in Q2

Thanks to an 80.3% increase in electricity sales.

Thailand’s CK Power has reported a core net profit excluding foreign exchange gain and loss of $4.24m (THB149m) in the second quarter (Q2) of 2024, recovering from the $1.37m (THB48m) core net loss it recorded last year.

In a statement, the company also reported a 2.1% increase in its revenues to $74.63m (THB2,621m). The gain was attributed to the 80.3% increase in electricity sales of Nam Ngum 2 Power Company Limited, coupled with a decrease in maintenance expenses as most of the major overhaul activities for 2024 was carried out in the first quarter.

Fuel costs of Bangpa-in Cogeneration Limited also fell 27.6% in line with natural gas prices, whilst a lower share of net operating losses from joint ventures and associate companies compared to the same period last year was also recorded.

“CKPower was able to efficiently reduce operating expenses for Q2/2024 and 1H/2024 by 14.0% and 13.2% respectively on a year-on-year basis,” said Thanawat Trivisvavet, managing director of CK Power.

Due to the expected increase in water levels due to the flood season and the impact of La Niña in the second half of 2024, Thanawat said the company has prepared its Nam Ngum 2 and Xayaburi Hydroelectric Power Plants. 

CK Power’s Bangkhenchai Company Limited is also preparing for the construction of three solar power projects in collaboration with Bangkok Expressway and Metro Public Company Limited, with a combined installed capacity of seven megawatts, the company said.

$1 = THB35.11