CH. Karnchang records a strong first half performance, ready to pay interim dividend of Bt 0.25 per share
CH. Karnchang reported the operating performance for the first half of 2015 with total revenue of Baht 19,671 million and net profit of Baht 2,132 million with current backlog of Baht 80,859 million. The company anticipated to generate total revenue of Baht 40,000 million for 2015 as expected, while moving full stream forward in alignment with the government’s infrastructure development strategic plan.
Dr. SupamasTrivisvavet, President, CH. Karnchang Public Company Limited (CK) said that “We manage to maintain a strong and stable business this year with good revenue and profit. In the second quarter of 2015, CK recorded total revenue of Baht 19,671 million, growing 15% quarter-on-quarter and 9% year-on-year. Our net profit for the period is Baht 2,132 million, showing a rocketing growth of 420% quarter-on-quarter and 208% year-on-year. We anticipate total revenue of Baht 40,000 million for the whole year, higher than previous target of Baht 30,000 million. Our current backlog is Baht 80,859 million, which will continue to generate a stable income over the next several years. The backlog value does not include the projects which are under negotiation and awaiting contract signing. The company’s Board of Directors Meeting on 26 August 2015 had a resolution to pay the interim dividend for the first half of 2015 operating results at the rate of Bt 0.25 per share, totaling Bt 423.47 million.”
All projects in the current backlog are progressing as planned. The construction of the MRT Blue Line stations and tunnel is now reaching 76% completion, theMRT Green Line stations and viaduct now 66% completed, the Si Rat - Outer Ring Road Expressway now 54% completed, the Xayaburi Hydroelectric Power Project in Lao PDR now 52% completed, the production of rolling stock for the MRT Purple Line now 36% completed and the first car train is expected to be delivered to Thailand in September 2015 for installation and testing.
During the first half of 2015, CK signed three new construction contracts worth Bt 3,620 million, comprising the construction of manhole and electrical underground ductbank for the BTS Light Green line extension (Bearing - SamutPrakan) worth Bt 1,071 million, the construction of medical center and utilities for Mae Fah Luang University worth Bt 1,381 million and the constrction of diagnosis and treatment building and facilities for Mae Fah Luang University worth Bt 1,168 million. The company is ready to participate in bidding for new infrastructure projects including the MRT Orange Line (Thailand Cultural Centre - Min Buri), the dual-track railways - Chachoengsao-Klong 19-Kaeng Khoi route and Chira junction-KhonKaen route, the motorway – Pattaya–Map Ta Phut route, and the Suvarnabhumi Airport Phase 2. The bidding of these projects is expected within 2015.
The amalgamation between Bangkok Expressway Plc (BECL) and Bangkok Metro Plc (BMCL) is currently awaiting approval from the Cabinet and is expected to be completed and the new company to be listed in SET by the end of 2015.
“The outstanding first-half performance is a result of strong revenue streams from construction projects and prudent investment portfolio management. CH. Karnchang is now in excellent position with financial strength and workforce to enter the bidding and investments in line with the government’s infrastructure development policy which will drive the country’s economy and strengthen Thailand’s competitiveness for AEC this year.” added Dr. Supamas.