Gulf records B1.4bn profit in second quarterGulf commenced commercial operation of the first unit of the GSRC power project on March 31 of this year. Gulf Energy Development Plc reported core profit of 1.4 billion baht in the second quarter of the year, an increase of 42% year-on-year or 412 million baht. Total revenue for the second quarter was recorded at 11.8 billion baht, an increase of 2.71 billion baht or 29.6% year-on-year. On Aug 13, the board of directors approved the restructuring of the group's business by changing the company name of Gulf Energy International Company Limited, a subsidiary in which the company holds 100% equity stake and operates as a holding company, to Gulf Renewable Energy Co. Gulf Renewable Energy will also be the investment arm for the company's renewable energy business expansion in the future.

Source: Bangkok Post August 16, 2021 23:37 UTC