BCPG Public Company Limited or BCPG Report on operating results for the second quarter and 6 months of the current year, and net profits were as follows:
BCPG announced its operating results for the second quarter of 2024 with a net profit of 1,243.43 million baht, an increase of 518.27% compared to the same period last year with a net profit of 201.12 million baht, as the company obtained a share of profits from operations. The total cost (net of depreciation) of wind power plants in the Philippines amounted to 8.4 million baht, an increase of 162.2% from the second quarter of 2023, as a result of the increase in electricity sales volume by 41.1% from the second quarter of 2023, as well as the increase in wind speed from the same period last year.
In addition to the group of companies, the profit share from natural gas power plant operations in the United States amounted to 362.4 million baht, an increase of 2,909.6 percent from the second quarter of 2023.
Including recognition of profit sharing for a full quarter last year and starting to recognize profit sharing from investments at a contribution rate of 151 MW in March 2023, and recognition of profit sharing from the remaining investments, i.e. at a contribution rate of 426 MW and 280 MW in July 2023 and October 2023, respectively.
In addition, it recognizes profit sharing from investments in associates (net of amortization and excluding special items) of 363.5 million baht, an increase of 1,725.3 percent from 2Q23. The profit share from wind power plants in the Philippines increased from recognition of increased profit sharing from natural gas power plants in the United States.
Meanwhile, sales and administrative expenses excluding special items came to 149.7 million baht, down 6.7 percent from 2Q23 due to lower staff-related expenses and consulting fees.
A net foreign exchange gain of $9.1 million was recorded, primarily due to gains on the hedging of net investments in solar power plant projects in Japan.
The company has successfully sold 9 solar power plant projects in Japan with a total installed capacity of 116.8 MW (total capacity under PPA is 89.7 MW).
Including subsidiaries in Japan that operate businesses providing asset management services (asset management) and providing operation and maintenance services (operation and maintenance) by selling common shares in subsidiaries and investments. Total turnover of 10,377 million baht, resulting in the group of companies achieving net profit from investment sales after deducting related expenses of 2,158.8 million baht.