Bangkok--21 Nov--EGCO Group
Three SPPs awaiting to be signed PPA and preparing to gear up for overseas market beyond ASEAN
Electricity Generating Public Company Limited, or EGCO Group, reported that it has achieved satisfactory for the nine-month operating results with total equity share installed capacity of 4,973.9 megawatts from 14 domestic and international operating power plants, while one power plant is under construction and four projects are under development processes.
Mr. Sahust Pratuknukul, President of EGCO Group, provided a brief update on domestic investment that Small Power Producer (SPP) programs, including TJ Cogen, TP Cogen and SK Cogen, with total installed capacity of 375 megawatts, were in progress for the Power Purchase Agreement (PPA) signing procedures with the Electricity Generating Authority of Thailand (EGAT) and preparing for construction.
As for Loburi Solar power plant, the company postponed its first phase of commercial operation date (COD) from November to December this year. Nevertheless, the project has commenced its systematic testing for commissioning with expected completion of its final phase of commercial operation in March 2012, one month ahead of the schedule.
With concern about overseas investment projects, the company has been conducting feasibility study to expand another block of 500 megawatts of Quezon Power Plant in the Philippines and considering potential investment in Independent Power Producer (IPP) projects and related businesses, as well as some renewable energy projects, mainly in ASEAN region and ready to expand to other countries nearby this region.
With regard to financial operation for the nine-month periods of 2011, Mr. Sahust revealed that consolidated net profit, ending September 30, 2011, concluded at Baht 4,514 million, a decrease of Baht 2,073 million or 31 percent, compared to the same period last year. Excluding the impact on foreign exchange gain or loss, EGCO Group’s profit was at Baht 4,702 million, a decrease of Baht 1,363 million or 22 percent, compared to the same period last year. This was mainly due to the decrease in revenue from electricity sales of local IPP projects, including Rayong Power Plant, Khanom Power Plant and BLCP Power Plant according to their power purchase agreements.
As at September 30, 2011, EGCO Group’s total assets in the amount of Baht 71,219 million increased by Baht 4,179 million or 6 percent compared to the end of 2010, whilst the Group’s total liabilities stood at Baht 14,114 million, which was 2,402 million baht or 21 percent higher than the amount as at December 31, 2010. The company’s ending balance of cash and the cash equivalent was Baht 6,292 million, representing a decrease of Baht 1,456 million compared to the ending balance of 2010. Quick liquidity ratio was 6.92 times, compared to 5.59 times in 2010, while debt to equity ratio was 0.25 times, higher than 0.21 times at the end of 2010.
"With effective asset management and performance based on EGCO Group’s strategic plans, we believe that 2011 operation results will meet target and also be able to maintain net profit target of at least Baht 5,000-6,000 million during 2011-2015. Furthermore, we are planning to increase overseas investment beyond ASEAN region, in order to enhance growth of revenue, production capacity as well as business expertise,” Mr. Sahust concluded.