Bangkok--11 Aug--Glow Energy
- Normalized Net Profit for the second quarter 2011 is higher by 7.0% quarter-on-quarter
- Growing demand from industrial customers as main driver for the first half of 2011
- Acquisition of Thai National Power completed
- Declaration of 5.0% increase in interim dividend
Normalized Net Profit for the second quarter 2011 is higher by 7.0% quarter-on-quarter
For the 2nd quarter 2011, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 9,715 million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 2,466 million,
- Normalized Net Profit (“NNP”) (net profit before unrealized foreign exchange gains and losses) of THB 1,073 million, and
- Net Profit of THB 886 million.
The EBITDA and NNP of the second quarter 2011 were increased by 9.1% and 7.0% respectively comparing to those of the first quarter 2011.
Growing demand from industrial customers as main driver for the first half of 2011
For the first 6 months of 2011, Glow posted:
- Consolidated total revenues of THB 18,644 million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 4,724 million,
- Normalized Net Profit (“NNP”) (net profit before unrealized foreign exchange gains and losses) of THB 2,076 million, and
- Net Profit of THB 1,838 million.
The EBITDA and NNP of the first half 2011 decreased by 6.5% and 19.8% respectively comparing to those of the first half of 2010.
The key driver for the performance of the first half 2011 is growing power demand from industrial customers. Electricity and steam demand from industrial customers for the first half 2011 increases by approximately 9.6% and 6.6% respectively, from the first half 2010. Number of negative factors affecting the first quarter 2011 result continued to affect the second quarter 2011 results.
Mr. Suthiwong Kongsiri, CFO of Glow Group, commented: “The increasing industrial customers demand is the biggest positive driver for the company in the first half 2011. But on the other hand, our year on year results are affected by a numbers of negative factors namely the strong Thai Baht, increasing coal cost, expiry of BoI tax holiday of Glow IPP, and the low production at Houay Ho power plant due to abnormally low rainfall in 2010. However, there will positive contributions in the second half of 2011 from the start of commercial operation of our new 382 MW gas-fired unit in September and from the acquisition of Thai National Power.”
Acquisition of Thai National Power completed
The shareholders' meeting approved the acquisition of Thai National Power in early July, the transaction was officially completed on July 28.
Mr. Esa Heiskanen, CEO of Glow Group, commented: "Thai National Power is now part of our Cogeneration Business. This acquisition is adding immediately not only 90 MW of EGAT SPP and approximately 50 MW industrial customers PPAs, but also an expansion project of 110 MW gas-fired cogeneration unit into our portfolio. The expansion project, TNP2, has scheduled commercial operation date in December 2012.”
Declaration of 5% increase in interim dividend
With the results being consistent to the Company's expectation, the Board of Directors has decided to increase the interim dividend payment from 0.735 THB/share, paid in 2010, to 0.772 THB/share this year. The increase in interim dividend is in-line with 5% increase in total dividend paid out since listing in 2005.
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]