SET-listed Ratch Group posted a first-quarter net profit of 1.74 billion baht, up 54.6% year-on-year, citing higher total revenue and gains from foreign exchange.
For the period, Ratch said revenue reached 11.2 billion baht, up 12.5% year-on-year, mainly derived from 9.25 billion baht in electricity sales. Some 1.08 billion baht came from profit-sharing with joint venture companies.
Chief executive Kijja Sripatthangkura said continuing growth in the quarter was supported by various drivers, including electricity sales from core power plants and greater profit-sharing.
"Ratch paid more attention to efficiency management at power plants to meet contractual availability requirements and ensured the progress of projects under construction as scheduled," he said.
Ratch reported the 42.5-megawatt Collinsville Solar Farm in Australia is commercially operating and the group succeeded in entering into a US$222-million (6.99 billion baht) loan for the 275MW Riau Combined-Cycle Power Plant in Indonesia.
It also signed an A$179 million (3.92 billion baht) loan agreement with Collector Wind Farm in Australia.
In June, the 99.23MW Berkprai Co-Generation Power Plant will commence commercial dispatch for the state-run Electricity Generating Authority of Thailand, a Ratch shareholder.
The Berkprai Co-Generation project will help boost profit-sharing from joint ventures, expecting to recognise revenue from the third quarter.
Ratch owns a 35% stake of Berkprai Co-Generation.
In addition, Ratch plans to invest further in power plants, energy and infrastructure businesses in Thailand and abroad to reach 200 billion baht in enterprise value or 10,000MW equivalent by 2023, Mr Kijja said.