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WHAUP finished Q2/18 with Normalized Net Profit of 611.2 MB and First Half of 2018 of 1,076.8 MB with continuous growth Aiming to Invest in both Local and Oversea

BackAug 14, 2018

Bangkok –WHA Utilities and Power PLC. (WHAUP) announced its performance for Q2/2018 with Normalized Net Profit of 611.2 MB, or 1.5% growth YoY and H1/2018 of 1,076.8 MB, leading to 69.7% growth YoY due to the growing demand for water sales volume, full quarter operation of 5 SPPs, and solid operation from power business. “Mr. Wisate Chungwatana”, CEO, revealed that the Company continue pursuing their business expansion in the second half of 2018 and expect to have the commercial operation of natural gas distribution business of WHA Eastern Seaboard NGD 2 project in Q4/2018 as well as to continuously develop utilities projects in Vietnam and the Solar Rooftop both inside and outside of WHA Group’s industrial estates.

Mr. Wisate Chungwatana, Chief Executive Officer of WHA of Utilities and Power PCL., or WHAUP disclosed that the Q2/2018 financial results ending June 30, 2018, the Company reported revenue from utilities business of 423.5 MB, or increased by 4.4% YoY and the share of profit from power business of 246.8 MB, or decreased by 64.0% YoY. The results have included foreign exchange Loss of 315.3 MB in Q2/2018 versus foreign exchange gain of 98.9 MB in 2Q/2017, mainly were an accounting item that has no effect on business operation and cash flow. The Company had also reported Net Profit of 295.9 MB, or a 57.8% decrease, whereas the Normalized Net Profit was 611.2 MB, or a 1.5% increase from the same period of last year.

For the first 6 months of 2018, the Company’s revenue from utilities business was at 845.4 MB, or increased 6.5% YoY and the share of profit from power business of 906.1 MB, or decreased 3.3% YoY. This included foreign exchange Loss of 64.7 MB in Q2/2018 versus foreign exchange gain of 338.9 MB in 2Q/2017, mainly were an accounting item that has no effect on business operation and cash flow. As a result, the Company had reported Net Profit of 1,012.1 MB, or a 4.0% increase from the same period of last year and Normalized Net Profit of 1,076.8 MB, or a 69.7% increase from the same period of last year.

The growth of the first half of 2018 operating results have been contributed by performances of utilities business and power business. This was mainly from higher demand from both existing and new industrial customers as well as water consumption from power plants.

For the Power business, the Five SPP power plants, namely, Gulf VTP, Gulf TS1, Gulf TS2, Gulf TS3, and GULF TS4, had achieved their COD and operated for the full quarter, leading to the total capacity of the company to reach 510.5 equity MW, and higher energy dispatch than the first quarter according to the number of days in operation of GHECO-One compared to the previous year that had a planned maintenance.

Meanwhile, the financial cost had been improved owing to loan prepayment of 2,500 MB from proceed of IPO in April 2017 and the issuance of the debenture of 4,000 MB in August 2017 to refinance bank loan. As of Q2/2018, Net Debt to equity ratio of the Company was 0.70x

Chief Executive Officer of WHA Utilities and Power or WHAUP added that for the overall business for the second half of 2018, the Company continued to expand its investment as planned with the completion of the WHA Eastern Seaboard NGD 2 construction which will start the distribution of natural gas to the customers within quarter 4, 2018, while the investment in WHA Eastern Seaboard Industrial Estate 4 is scheduled to achieved COD in 2019.

For the oversea investment, especially the utilities in Vietnam which the Company has been granted the rights to operate the utilities business within WHA Industrial Zone, Nghe An, presently is under the development and scheduled to achieved COD in 2019. On the other hand, the Solar Rooftop projects located both inside and outside of WHA Industrial Estates also have an increasing number of attentions from the customers continuously.