Bangkok--21 Nov--Glow Energy
- Normalized Net Profit for the third quarter 2011 is higher by 20% year-on-year
- Growth on industrial customers demand continues to be key positive driver for 2011
- Success in refinancing secures value creation on Thai National Power acquisition
Normalized Net Profit for the third quarter 2011 is higher by 20% year-on-year
For the 3rd quarter 2011, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 10,780 million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 2,580 million,
- Normalized Net Profit (“NNP”) (net profit before unrealized foreign exchange gains and losses) of THB 1,140 million, and
- Net Profit of THB 994 million.
The EBITDA and NNP of the third quarter 2011 were increased by 14% and 20% respectively comparing to third quarter 2010.
Growth on industrial customers demand continued to be key positive driver for 2011
For the first 9 months of 2011, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 29,435 million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 7,305 million,
- Normalized Net Profit (“NNP”) (net profit before unrealized foreign exchange gains and losses) of THB 3,216 million, and
- Net Profit of THB 2,832 million.
The EBITDA of the first 9 months of 2011 remained stable, whereas NNP decreased by 9%, compared to the first 9 months of 2010.
Electricity and steam demand from industrial customers for the first 9 months 2011 increased by approximately 9% and 11% respectively, from the first 9 months of 2010. The industrial customer power prices were stable but sales margin is reduced due to increase on fuel prices.
Mr. Esa Heiskanen, CEO of Glow Group, commented: “The most important positive driver for the company in the first 9 months is still growing industrial customer demand, as a result of our Cogeneration business expansion. In the third quarter, our new 382 MW gas-fired unit achieved commercial operation. Our generating capacity increased by more than 20% this year, also taking into account capacity from acquisition of Thai National Power. However, a number of negative factors still affect our results namely reducing demand from EGAT and industrial customers due to the flood, tightening industrial customer power sales margin due to increasing gas prices, low production of Houay Ho hydro plant in Laos, and expiry of BOI tax holiday of Glow IPP.”
Success in refinancing secures value creation on Thai National Power acquisition
Glow Energy issued THB 5,555 million 10-years bond to refinance project finance loan of Thai National Power in August 2011.
Mr. Suthiwong Kongsiri, CFO of Glow Group, commented: "The key action plan to enhance value of Thai National Power acquisition was to refinance its project finance loan, by utilizing financial strength and access to capital market of Glow Group. We succeeded in placing 10-yrs bullet payment bond to institution investors for THB 5,555 million at 5% interest rate. Benefits achieved by refinancing are not only lower financing cost, but also longer average tenor of the loan. ”
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]