Bangkok--15 Feb--Ratchaburi Electricity Generating Holding
Ratchaburi Holding Announces 5,200 MB Net Profit for 2010 Announces 2.25 Baht Dividend per Share and Commencement of Start-Up of Nam Ngum 2 Power Plant This Year
Ratchaburi Electricity Generating Holding PCL (Ratchaburi Holding) announced the Company and its subsidiaries’ operating performance for the 2010. The Board of Directors approved dividend payment of Baht 2.25 per share which is equivalent to 63 per cent of the net profit. The remaining yearend dividend of Baht 1.15 per share is scheduled to be paid on 11 April 2011.
The Company reported a net profit of 5,220 million baht and prepared the investment budget of 18,000 million baht for this year. Also announced was the fact that the Nam Ngum2 Hydroelectric Power Plant in Lao PDR will commence initial operation this year.
According to Mr. Noppol Milinthanggoon, President of Ratchaburi Electricity Generating Holding PCL., "The Company’s 2010 performance was on target. The Company maintained profit growth at the level of 5,000 million baht while the accelerated development of invested projects are progressing on schedule, especially the Nam Ngum 2 Hydroelectric Power Plant, the wet testing of the generators has been completed last year and the plant is ready to commence initial power operation with the Electricity Generating Authority of Thailand (EGAT) in the first quarter of this year. The Company is expected to generate revenue from the Nam Ngum 2 Power Plant of approximately 700 million baht by this year".
“We allocate an investment budget of 18,000 million baht for project development and investment this year and expect to acquire a few IPP projects abroad as well as join the joint venture of four SPP & VSPP projects and ten renewable energy projects. Altogether, the combined capacity of the Company’s shareholding of all projects under the plan will be increased to 5,500 MW consisting of 4,500 MW from operating projects and 1,000 MW from projects under development", said Mr. Noppol.
The Company also reported its 2010 operating results with a net profit of 5,220.41 million baht, a 22.54% decline compared to the same period last year, as the base availability credit as stated in the Power Purchase Agreement was lower than in 2009. The Company’s sales revenue (excluded Energy Payment) was 10,844.45 million baht, a decline from last year of 1,420.43 million baht while profit sharing from joint ventures declined 277.58 million baht from the same period last year to be 1,443.13 million baht. Income tax during the period increased by 440.97 million to 1,271.91 million Baht because the tax privileges of the Ratchaburi combined cycled power plants granted by the Board of Investment had expired.
The Company’s selling cost (excluded cost of fuel) was 5,009.96 million baht, 519.13 million baht decrease from the same period last year as Ratchaburi Power Plant’s maintenance period was lower than 2009 due to the cost of spare parts and other cost of sales decreased. The depreciation of power plants and reserve equipment decreased 111.47 million baht resulting from the Company’s efficiency program. Interest expenses decreased by 183.77 million baht due to loan repayments every quarter and the paid interest rate was lower than 2009.
“Last year Ratchaburi Power Plant, Tri Energy Power Plant and Ratchaburi Power Power Plant were the key revenue generators that helped the Company’s performance. They completed operational hours of the availability in accordance with the power purchase agreement and achieved decreases in cost of fuel that exceeded those of the same period in 2009. This approach will be continued this year according to the power plant efficiency and security maintenance plan,” concluded Mr Noppol.
For more information, please contact
Public Relations Department, Ratchaburi Electricity Generating Holding PCL.
Wiwan Phayakvichien and Nuannang Changadveja
Tel: 0 2794 9941, 0 2794 9944 E-mail:
[email protected]