Bangkok--24 Feb--Glow Energy
- Full year 2010 results with 19% year-on-year increase in Normalized Net Profit and record high Net Profit
- Growing demand from industrial customers and healthy margin as main drivers
- Start up of 115 MW coal-fired cogeneration plant marks the first milestone of committed growth program
Full year 2010 results with 19% year-on-year increase in Normalized Net Profit and record high Net Profit
For fiscal year 2010, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 36,150 million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 9,521 million,
- Normalized Net Profit (“NNP”) (net profit before unrealized foreign exchange gains and losses) of THB 4,514 million, and
- Net Profit of THB 5,716 million.
The EBITDA and NNP of fiscal year 2010 were increased by 16% and 19% respectively, compared to fiscal year 2009. Glow Group also recorded approximately THB 1,200 million in unrealized foreign exchange gain, resulting from strengthening Thai Baht. Net Profit of THB 5,716 million is the highest since listing of Glow Energy in 2005.
Growing demand from industrial customers and healthy margin as main driver
The key drivers for the increase in EBITDA are growing power demand from industrial customers and healthy operating margins. Electricity demand from industrial customers increased by approximately 14% from 2009. Operating margin was healthy in 2010 and improved from 2009, thanks to stable electricity tariff and lower fuel costs, both for gas and coal.
Mr. Suthiwong Kongsiri, CFO of Glow Group, commented: “. Our performance reported in 2010 was benefiting from growth in industrial customer demand and healthy operating margin. Full year consolidation of Houay Ho Power, which we acquired in mid 2009, also contributes to increase in EBITDA, and although the stronger Thai Baht especially during 2nd half of the year adversely affected revenue from sales to EGAT, impact on free cash flow was minimal thanks to our solid risk management strategy.”
Start up of 115 MW coal-fired cogeneration plant marks the first milestone of committed growth
Start of commercial operation of our new 115 MW coal-fired cogeneration plant was achieved in beginning of November. Mr. Esa Heiskanen, CEO of Glow Group, commented: “As part of our growth program, this new 115 MW coal-fired cogeneration plant is the first unit coming on-line. Within the next 12 months, we are scheduled to have a 382 MW gas-fired cogeneration plant coming on-line in the third quarter this year and a 660 MW coal-fired IPP plant coming on-line in the first quarter next year. The 115 MW and 382 MW cogeneration plant are mainly serving increased industrial customer demand, while the 660 MW IPP plant will sell whole capacity to EGAT. This shows that not only our capacity increases by more than 50% but also our growth is balanced between Cogeneration and IPP business. These will both enhance our profitability and strengthen our business.”
About Glow Energy
Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacity is 1,945 MW (Glow’s stake is 1,860 MW) of electricity and 1,046 tons per hour of steam.
Glow Group generates and supplies electricity to the Electricity Generating Authority of Thailand (EGAT) under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, industrial water and services to large industrial customers principally located in the Map Ta Phut area and nearby.
IPR-GDF SUEZ Asia is Glow Energy’s major shareholder and is part of the GDF SUEZ Group, one of the largest international industrial and services groups in the world.
For more information about GDF SUEZ please visit the companies’ website at www.gdfsuez.com. Information on International Power Plc : www.iprplc-gdfsuez.com. For more information about the Glow Group please visit www.glow.co.th.
For further details please contact:
Natthapatt Tanboon-ek
Glow Energy Plc.
Tel. 02-670-1500-1
Email :
[email protected]