Chief executive Soraj Rojanabenkakul said VTE’s income this year would still mainly come from its construction and engineering-service businesses but renewable-power business would drive growth for the group over the long term.

Executive director Supasit Pokinjaruras said VTE forecast revenue to quadruple to Bt2 billion this year and result in a net profit, provided there are no additional investments that will affect the bottom line.

According to the presentation materials provided to stock analysts yesterday, VTE forecasts its earnings before interest, tax, depreciation and amortisation (EBITDA) to grow from Bt91 million this year to Bt134 million next year, Bt391 million in 2018, and Bt621 million in 2019.

The company, which is listed on the Stock Exchange of Thailand, booked net losses for three consecutive years: Bt106.14 million last year, Bt358.93 million in 2014, and Bt518.90 million in 2013.

Executive director Aung Thiha said VTE was confident of securing about 90 equity megawatts of power projects for its portfolio within two years. These will consist of two small solar plants in Japan with installed capacity of 2.4MW and 10MW, a 25MW biomass power plant in Japan, the 25MW Biliran Solar Power project in the Philippines, and a 220MW solar-power project in Minbu, Myanmar, in which it plans to acquire a 12-per-cent stake.

In five years, VTE is confident it will have a total of 500MW of power-plant capacity in its portfolio, including those in which it holds equity stakes or acts as a contractor, he said.

Soraj said VTE had found a buyer for its Bangun Jaya Citra Mandiri coal mine in Indonesia, for which it earlier booked an impairment loss of US$2 million (Bt70 million), and thus would reverse that loss item on its balance sheet after the finalisation of the transaction.

Aung Thiha said VTE expected its solar-farm mega-project in Myanmar to continue despite the change in government there. The group plans to start construction of the first phase of the project, which will have 50MW capacity, by next quarter.

Regarding its solar farms in Japan, Supasit said VTE intended to acquire each project after it commences operations, beginning with the first 2.4MW project that will be complete in June, and then the 10MW plant that will be finished next year.

“But the highlight will be the biomass power project, because biomass is expected to be the next wave [of investment opportunities] in Japan,” he said.

The company expects to know whether it can go ahead with the biomass plan for Japan by the second quarter, Aung Thiha added.

VTE also plans to capture some additional revenues from operation and maintenance (O&M) and engineering, procurement and construction (EPC) of power plants, with the Biliran solar project in the Philippines likely to be among the first.

Supasit and Aung Thiha, who co-developed the Minbu solar-farm project in Myanmar, together took about a combined 10-per-cent stake in VTE last year.

The company yesterday also introduced Sitthiporn Ratanopas, former chief executive of the Electricity Generating Authority and Electricity Generating, as the new chairman of its advisory committee, and his daughter Xanxana, former finance director of Double A (1991), as chief financial officer.

VTE’s share price closed yesterday at Bt3.26, up 9.26 per cent from Thursday’s closing price.