EA vehicle deliveries kneecapped by pandemic

EA vehicle deliveries kneecapped by pandemic

A Mine Mobility car prototype at a Bangkok International Motor Show. EVs were expected to drive EA's revenue and net profit in 2020. (Photo by Patipat Janthong)
A Mine Mobility car prototype at a Bangkok International Motor Show. EVs were expected to drive EA's revenue and net profit in 2020. (Photo by Patipat Janthong)

SET-listed Energy Absolute (EA) expects 2020 revenue will fall by 25% from an earlier estimation to 15 billion baht, on par with last year's earnings, because of the pandemic.

The pandemic resulted in the company being unable to deliver 5,000 electric vehicles (EV) to clients this year, causing a revenue revision from 20 billion baht set before the outbreak.

EA deputy chief executive Amorn Sapthaweekul said lockdown measures to contain the coronavirus such as global travel restrictions will delay delivery until next year.

The firm received purchase orders to produce 5,000 EV units, scheduled to be delivered in the fourth quarter this year. Their deliveries were expected to drive revenue and net profit to a record high in 2020.

EA also planned to launch new EV projects this year in several segments, ranging from passenger cars to trucks and boats, said Mr Amorn.

Despite the adjustment, he believes net profit this year will not be affected much, on par with the 6 billion baht the company made last year.

According to EA, its sales of biodiesel are expected to drop from last year, but will be offset by its full-year operation of Hanuman wind farm, which produces 260 megawatts of electricity for sale.

Mr Amorn said the company still expects to record high revenue and net profit next year.

In related renewable energy news, EA last week announced a plan to conduct a feasibility study on two hydropower dam projects in Laos.

Saravan Downstream Hydropower and Phamong Hydropower projects are aimed at generating electricity for domestic distribution and export to neighbouring countries.

An initial report said the capacity of the two projects will be 3,000MW in total, making them one of the largest hydropower projects by capacity in Asean.

EA and three other local firms -- Chaleun Sekong Energy, Vega Digital and PSL Service Sole -- have signed a memorandum of understanding (MoU) with the Laos government to jointly survey areas eyed for the new development.

The study is scheduled to be complete within two years, according to the MoU.

The development cost for the new dams is estimated at 60 million baht per megawatt.

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