QTC shows half-year performance, earning 119 million baht in profits. It is accelerating strategies to expand more oversea markets in an effort to become the leader in electricity transformer business

Stocks and Financial Services Press Releases Friday August 9, 2019 09:57

QTC Energy Public Company Limited (QTC), has reported the first half year profit worth THB 119 million compared to the same period last year, which suffered the loss of 55 million baht. Meanwhile, for the 2Q19 performance, it could generate THB 236 million in revenue and net profit of THB 40 million compared to the same period of last year, which suffered net loss of THB 13 million. The performance came as a result of recognizing increased revenue of electricity distribution transformer and solar cell energy business. Meanwhile, Mr. Poonphiphat Tantanasin, the company's executive, has announced to further drive the business by adding more international sales team to expand overseas markets. He reveals that the company currently has a backlog worth THB 530 million which distribution started since earlier this year. As for its business as the distributor of DE BUSDUCT and Smart Transformer and Super low loss transformer products, it is expected to help achieve its targeted annual revenue not less than THB 1,000 million.

Mr. Poonphiphat Tantanasin, Chief Executive Officer of QTC Energy, a leading electricity transformer manufacturer, distributor and provider of global-quality technology service provider, reveals that the company started to adjust its business strategies since the early 2019 in order to strengthen the business of being a distributor of Smart Transformer and Super low loss transformer. The strategic business adjustment plan has helped the company to meet its expected target. The operating results is reflected in the first six months of 2019 which it could generate revenue of THB 502 million, up 24% from the same period of last year which reported revenue of THB 404 million. Meanwhile, the net profit was worth THB 119 million, up from the same period of last year which suffered a net loss of THB 55 million.

For the Q2 performance ended 30 June 2019, the company generated total revenue of THB 236 million and net profit of THB 40 million baht, comparing to the same period of last year, which suffered net loss of THB 13 million. The positive performance is a result of continuous increasing sales of electricity transformers to the government sectors as well as the increase of export. The revenue from electricity sales of Q Solar 1 Co Ltd located at Prachinburi province and has the production capacity 8.6 megawatts also contributes to stronger performance.

At the end of the 2Q19, the company has a backlog of electricity transformer worth more than THB 530 million. This is divided into THB 280 million from government sector, THB 110 million from private sector worth, and THB 140 million from overseas. Product delivery can be commenced within this year.

The CEO of QTC Energy adds that for the business outlook in the second half of 2019, the company plans to adjust the business strategies and expand international sales team in accordance with its needs to increase sales revenue from overseas. At present, the company has already exported electricity transformers to Japan, Australia and some other countries but it plans to expand to tap more countries in Asia and Europe. Clearer direction is expected soon, especially the government projects which gradually announced the auction value for the second half of 2019, about 10 % of the total auction value which is worth about three billion baht. The demand for electricity transformers is expected to increase in line with the government's policy driven by Eastern Economic Corridor (EEC) and skytrain projects.

For the marketing and distribution DE BUSDUCT which the company is the sole distributor in Thailand, it is revealed that response has been positive with purchase orders flowing in from various projects. Product sales are expected to reach about THB 30 million this year. Meanwhile, the operation of Smart Transformer or an intelligent real-time monitoring system which can track the performance and check the transformers' data throughout 24 hours via 3G or 4G systems, has been well received with a lot of orders already. Therefore, it is confident that this year's revenue will meet the expected target. Revenue is expected to be one billion baht from electricity transformer business; and THB 140-150 million from renewable energy business.

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