Analyst Pin-board: PPC – Weak 2Q 2019 earnings was no surprise
As we have mentioned in our recent Analyst Pinboard on PPC, an expected decline in sales volume in 2019 from the high base of the same period last year would be the key factor dragging down the company’s core earnings from electricity production. While large one-off income and dividend income has hidden such issue in the first quarter of 2019, lower one-off income has even magnified it in the second quarter, resulting in a sharp fall in 2Q 2019 reported NPAT. However, we still hold no positive view on PPC as its 2Q 2019 business results only turned back to normal level from the high base of 2Q 2018.
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