Bangkok--12 May--Glow Energy
Normalized Net Profit for the first quarter 2011 is higher by 5.5% quarter-on-quarter Growing demand from industrial customers as main driver Contribution of 115 MW coal-fired plant materialized
Normalized Net Profit for the first quarter 2011 is higher by 5.5% quarter-on-quarter
For the first quarter 2011, Glow Group (“Glow”) posted: Consolidated total revenue of THB 8,930 million, Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 2,259 million, Normalized Net Profit (“NNP”) (net profit before unrealized foreign exchange gains and losses) of THB 1,003 million, and Net Profit of THB 952 million.
The EBITDA and NNP of the first quarter 2011 were increased by 2.1% and 5.5% respectively comparing to those of the fourth quarter 2010, but decreased by 12.5% and 26.7% respectively comparing to those of the first quarter of 2010. Glow Group also recorded approximately THB 51 million in net foreign exchange loss in the first quarter of 2011.
Growing demand from industrial customers as main driver
The key drivers for the increase in EBITDA are growing power demand from industrial customers. Electricity and steam demand from industrial customers increases by approximately 15% and 5% respectively, from the first quarter 2010. Despite positive factor from increasing demand from industrial customers, number of negative factors also affected the result of the first quarter 2011.
Mr. Suthiwong Kongsiri, CFO of Glow Group, commented: “Our performance for the first quarter of 2011 is considered satisfactory. On one hand, we have benefited from increasing demand of industrial customers, both electricity and steam. On the other hand, strong Thai Baht which negatively affect revenue from EGAT sale, reduction in Ft by 0.0567 Baht per unit for January — April period, and increasing coal cost are main negative factors. In addition, we also have less contribution from IPP business due to 2 main reasons: higher tax expenses in Glow IPP which is not anymore enjoying BoI tax holiday and negative contribution from our hydro plant in Lao (HHPC) due to abnormally low rain fall during last rainy season.”
Contribution of 115 MW coal-fired plant materialized
The 115 MW coal-fired cogeneration plant started commercial operation in beginning of November 2010, and has operated normally throughout the first quarter 2011. Mr. Esa Heiskanen, CEO of Glow Group, commented: “Contribution from normal operation of 115 MW started to materialize in our performance. The key highlights of this plant are not only the low cost nature of coal-based production, but also the fact that all of its capacity is contracted to serve increasing industrial customer demand.
Looking ahead into the rest of 2011, we expect that contribution from 382 MW cogeneration plant, with scheduled commercial operation in September 2011, would cause stronger second half performance, given no change in other key factors.”
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]