Thai Banpu's Gas Business Sees Higher 1Q Revenue
Thai integrated energy company Banpu said May 16 its gas business in reported 1Q2018 revenue of 26mn, representing an increase of 259% or $19mn over the same quarter last year.
The gross profit for the gas business was $8.8mn compared with $2.3mn in the year ago period. Banpu has stake in six shale gas assets in the US.
Banpu’s overall revenue in 1Q stood at $700mn compared with $633mn in 1Q2017 while gross profit in 1Q was $232mn, down from $240.7mn in the year ago period. The company witnessed a net loss of $41mn compared with a net profit of $40mn in the same period last year. This was due to appreciation of the Thai baht against the US dollar and one-off court payment for Hongsa case of $86mn, it said.
In addition to gas, Banpu also operates in coal and power space, with coal being the dominant vertical. It operates in Thailand, Indonesia, China, Australia, Lao PDR, Mongolia, Singapore, Japan, the United States of America and Vietnam.