• With more than 200% rise in 2H17, WHAUP to start COD of another 3 plants in 2H17
• Planned debenture issue of THB4 billion in August to reduce cost

Bangkok –WHA Corporation Pcl (WHA) announced its performance for Q2/2017 with the net profit of THB701 million, surging 169% from the previous year, leading to the profit expansion of 202% for the first half due to the growth of water and power businesses as planned. The growth of the water business came from the increase of the water utilization demand while the result of the power business came from the resumed full-quarter-operation of Gheco One after its major maintenance plan in Q1/2017 as well as the achieved COD of a power plant. Mr. Wisate Chungwatana, WHAUP's Chief Executive Officer revealed that in August the company plans for debenture issue with the amount not exceeding THB4 Billion for financial strength with the confidence of 100% growth of this year’s revenue and profit sharing from the previous year, due to water utilization demand expansion and commence of commercial operations of the 4 SPP plants. The Company also plans to hold roadshows in Singapore and Hong Kong in September.

Mr. Wisate Chungwatana, Chief Executive Officer of WHA Utilities and Power PLC., or WHAUP disclosed that the Q2/2017 performance ending June 30, the Company’s sales and services revenue (utility business) reported THB405 million and the profit sharing in joint ventures (power business) was at THB686 million, leading to the Company’s net profit of THB701 million, or rising by 169% from the same period of last year.

Within the first 6 months, the Company had the total net profit of THB973 million or accounting for 202% growth from the same period of last year.

The strong performance of the its Q2/2017 earnings came from the increase of the water utilization demand and the resumed full-quarter-operation of Gheco One in Q2/2017 after its 36-day maintenance plan in Q1/2017 for better efficiency of the plant, leading to the increase of the revenue. In addition, the 130-MW GVTP started its commercial operation on May 16, 2017. Also, the Company received the non-operating income from the business interruption insurance, in accordance with the Company’s shareholding of THB100 million, due to the halt of the joint venture plant in Q2/2017.

The expansion of the utility business came from the rising of water utilization demand from customers within the industrial estates where the Company is the sole distributor of raw water and industrial water, as well as providing wastewater treatment services covering all industrial estates and industrial zones of WHA Group.

CEO of WHA Utilities and Power PLC., added that for the year 2017, the Company’s revenue and profit sharing will definitely grow by 100% from THB 1,756.2 million of the previous year. It is expected that the utility sales and service in this year will surge more than 100 million cubic meters after 81 million cubic meters in last year due to the commence of commercial operation of the 4 plants, including water utilization of new customers and rising water demand of the existing customers within the industrial estates.

The power business also has a full year operation of 350 MW and the commence of the commercial operation of the 4 SPPs with the average operation of 130 MW per plant, one of which started its operation in Q2/2017, and another 3 plants will start in July, September, and November, respectively, leading to the capacity, following with the shareholding, at a total of 480 MW.

Meanwhile, the Company plans to issue a three-year debenture with the amount not exceeding THB4 billion used for the prepayment to financial institutions. The debenture will be issued to investors in August. The issuance of the debenture is aimed to reduce financial cost of the Company and to provide a positive effect on the profit of the Company.

It is expected that in this September, the Company has a plan to hold roadshows in Singapore and Hong Kong in order to meet with fund managers who invest in WHAUP’s shares and to provide information of the Company’s investments made within the rest of this year to investors who participate the Company’s roadshows.