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WHAUP posts its Net Profit of THB 424.4 Million in Q1/2019 with the Solar Rooftop of 11.2 MW Signed in the First 4 Months.

           WHA Utilities and Power PLC (WHAUP) reveals its Q1/2019 performance ending March 31, 2019, with net profit of THB 424.4 Million. Mr. Wisate Chungwatana, CEO of WHAUP vows readiness to expand the water business both domestic and overseas by acquired 47.31% of total issued shares in Cua Lo Water Supply JSC, a water supply producer in Nghe An province. In addition, WHAUP is growing in the power business especially Solar Rooftop Project which could settle the contracts for 11.2 MW in the first four months. For the Retail Natural Gas Distribution in WHA Eastern Seaboard Industrial Estate 4 is planned to COD in May 2019.
          Mr. Wisate Chungwatana, CEO of WHAUP, disclosed the Q1/2019 performance ending March 31, 2019 that the company recorded total revenue at THB 459.4 Million, increased by 8.9% YoY, while profit sharing from investment was THB 339.2 Million decreased by 48.5 % YoY mainly due to lower foreign exchange gain of THB 156.0 Million than the same period of last year and adopting a new accounting standard (TFRS15) of Gheco-One of THB 64.6 Million since January 1, 2019. Its net profit was THB 424.2 Million decreased by 40.8% YoY and its normalized net profit of THB 394.2 Million or decreased 15.3% YoY.
          Contributing to the growth of first quarter performance was rising water demand from customers in WHA Industrial Estates and the growth of both existing and new customers. Thus, water sales were recorded 27 million cubic meters, up 2% from the same period last year. Moreover, our gross profit margin improved from 35.1% in 1Q'18 to 36.2% in 1Q'19 as a result from an innovative cost saving methodology of recycled treated wastewater with capacity of 7,500 cubic meter per day in WHA Eastern Industrial Estate (Map Ta Phut) or WHA EIE achieved Commercial Operation Date in 3Q'18. 
          For the power generating business, the Gulf NLL 2 power plant has achieved COD in January 2019 with an installed capacities of 127 MW, representing 32 Equity MW. As a result, WHAUP had its COD capacity at the end of Q1/2019 stood at 552 Equity MW.
          The CEO of WAHUP noted that the company's outlook in the second quarter will continue to have the expansion of utilities business locally and abroad, particularly in the water business in the WHA Industrial Zone 1 - Nghe An, Vietnam, which is under construction and scheduled to achieve COD in Q3/2019. For WHA Easter Seaboard Industrial Estate 3 water treatment plant is scheduled to achieve Commercial Operation Date in Q4/2019. In addition, Reclaimed Water Project Phase 2 (RO) at WHA EIE is scheduled to achieve Commercial Operation Date in Q2/2019 with capacity of 2,500 cubic meter per day.
          For the solar rooftop business, the company had signed new 11.2 MW in the first 4 months of 2019 which are under construction and scheduled to achieve Commercial Operation Date in Q2/2019-Q1/2020
          Meanwhile, Natural Gas Distribution business of WHA Eastern Seaboard NGD 4 is ready to start the COD in this May after the commercial success of retail natural gas distribution for WHA Eastern Seaboard NGD 2 late last year.