Bangkok--12 Nov--Glow Energy
- EBITDA and NNP of the first 9 months increased by 47% and 66% respectively Year-on-Year - - Performance of Cogeneration Business continued to be the key driver for the first 9 months
- Gheco-One resumed full operation in the fourth quarter
EBITDA and NNP of the first 9 months increased by 47% and 66% respectively Year-on-Year.
For the third quarter of 2013, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 17,647 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of THB 4,559 million,
- Net Profit of THB 1,923 million, and
- Normalized Net Profit (“NNP”) (net profit excluding foreign exchange gains/ losses and deferred tax incomes/expenses) of THB 2,054 million.
For the first 9 months of 2013, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 52,056 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of THB 13,453 million,
- Net Profit of THB 5,632 million, and
- Normalized Net Profit (“NNP”) (net profit excluding foreign exchange gains/losses and deferred tax incomes/expenses) of THB 5,970 million.
The EBITDA and NNP of the first 9 months increased by 47% and 66% year-on-year respectively, while the EBITDA and NNP of the third quarter increased by 24% and 38% year-on-year respectively.
Performance of Cogeneration Business continued to be the key driver for the first 9 months
Cogeneration Business continued to be the key contributor for growth of the group NNP. For the first 9 months of 2013, NNP growth of Cogeneration Business accounts for approximately 75% of group NNP growth. Increased sales to industrial customers have improved operating margin compared to the first 9 months of 2012.
Mr. Esa Heiskanen, CEO of Glow, commented: “We continue to have solid results throughout 2013, with average Normalized Net Profit approximately 2,000 MTHB per quarter. Cogeneration Business continued to be key driver for growth of our results this year, as a result of demand increase together with Ft adjustment corresponding with increasing gas cost.”
Gheco-One resumed full operation in the fourth quarter
Gheco-One, a 660 MW coal-fired IPP in which Glow Group holds 65% stake, completed warranty and maintenance inspection, which started in May, and resumed operation back in July. However, throughout the third quarter, Gheco-One operated mostly at reduced capacity as additional repair work were needed for auxiliary equipment. The repair was completed at the end of the quarter and Gheco-One has resumed operation at full capacity in the fourth quarter.
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 3,188 MW (Glow’s stake is 2,872 MW) of electricity and 1,206 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.
GDF SUEZ Energy 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. 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]