Thailand: BCPG revenue reaches B2.3bn

Thailand: BCPG revenue reaches B2.3bn

BCPG Plc, the power arm of SET-listed Bangchak Petroleum Plc (BCP), posted
revenue of 2.33 billion baht for the first nine months of 2016, up 3.1% from
the year-earlier period.

President and chief executive Bundit Sapianchai said the revenue rise
resulted in part from new projects in Japan coming on stream.

Profit in the January-September period fell by 25% year-on-year to 1.21
billion baht.

At the end of September, the aggregate contracted commercial supply of
projects in Kagoshima, Kumamoto, Miyazaki and most recently Akita rose to
19.5 megawatts.

Meanwhile, the aggregate 118MW contracted capacity of solar power plants in
Thailand will continue to generate regular and stable revenue, Mr Bundit
said.

For the Akita project, the BCPG group sold commercial supply totalling 8.8MW
to Tohoku Electric Power Co Ltd under a 20-year feed-in tariff (FiT) power
supply contract, which increased revenue from Japanese operations by 144%
compared with the previous quarter, BCPG said.

For the third quarter alone, the company posted a 30% year-on-year drop in
net profit to 364.9 million baht.

Mr Bundit said revenue will increase further after adding 10.5MW in Okayama
under a 20-year contract for FiT power sales. The Okayama plant is under
construction and will begin commercial supply in the first quarter of 2017.

"We are happy with the respectable growth rates," he said. "We are
especially pleased with the strong revenue growth from the solar power
plants in Japan, which has shored up BCPG's overall revenue and will serve
as a core growth driver for the company over the next 1-2 years."

The company has more projects in the development and pre-development phases,
with a total contracted capacity of 175MW.

In the fourth quarter of 2017, BCPG will continue to develop clean energy
projects with the construction of cooperatives' solar plants in Thailand.
The solar project has a power generating capacity of 12MW that is due to be
completed by the end of this year and will start generating revenue by early
2017.

This, along with the ongoing projects in Japan, will ensure improvement in
BCPG's operations in 2017, Mr Bundit said.

BCPG shares closed yesterday on the Stock Exchange of Thailand at 14.90
baht, down 90 satang, in heavy trade worth 1.72 billion baht.

--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---

Link to Original Article:
http://www.bangkokpost.com/business/news/1130441/bcpg-revenue-reaches-b2-3bn

--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---

John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com