Bangkok--25 Feb--Glow Energy
- EBITDA and NNP of the 2013 increased by 40% and 59% respectively Year-on-Year
- Cogeneration Business contributed 67% of growth in NNP
- GHECO-One showed excellent performance in the fourth quarter, while HHPC resumed operation in February 2014
EBITDA and NNP of the 2013 increased by 40% and 59% respectively Year-on-Year.
For the fourth quarter of 2013, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 17,648 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of THB 4,806 million,
- Net Profit of THB 1,582 million, and
- Normalized Net Profit (“NNP”) (net profit excluding foreign exchange gains/ losses and deferred tax incomes/expenses) of THB 2,090 million.
For the full year 2013, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 69,704 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of THB 18,259 million,
- Net Profit of THB 7,214 million, and
- Normalized Net Profit (“NNP”) (net profit excluding foreign exchange gains/losses and deferred tax incomes/expenses) of THB 8,061 million.
The EBITDA and NNP of the full year 2013 increased by 40% and 59% year-on-year respectively, while the EBITDA and NNP of the fourth quarter increased by 22% and 41% year-on-year respectively.
Cogeneration Business contributed 67% of growth in NNP
Cogeneration Business was the key contributor for growth of the group NNP. Cogeneration Business NNP increased by THB 1,990 million, from THB 3,104 million to THB 5,094 million year-on-year, whereas the group NNP increased by THB 2,983 million. Increased sales volume mainly as result of start of commercial operation of new 110 MW cogeneration plant in Siam Eastern Industrial Park in the beginning of 2013 and improved operating margin were the key drivers for increase in Cogeneration Business NNP.
Mr. Esa Heiskanen, CEO of Glow, commented: “We are satisfied with the results posted for fiscal year 2013. Our Normalized Net Profit is at record high reaching above THB 8 billion for the first time, with relatively stable NNP of THB 2 billion per quarter throughout 2013. This performance clearly demonstrate new level of profitability that Glow Group is able to achieve, as a result of 80% capacity expansion completed in late 2012.”
GHECO-One showed excellent performance in the fourth quarter, while HHPC resumed operation in February 2014
GHECO-One, a 660 MW coal-fired IPP in which Glow Group holds 65% stake, completed repair work of auxiliary equipment at the end of the third quarter. Gheco-One operated very reliably throughout the fourth quarter of 2014, with 100% availability in November and December. Full year of operation of Gheco-One after start of commercial operation in third quarter of 2012 was another significant contributor to the increase of the group NNP.
HHPC, a 152 MW hydro plant in Laos in which Glow Group holds 67.25% stake, encountered transmission tower damage, as a result of land slide incident, in mid September 2013. The repair work of transmission tower was completed at the end of January and HHPC resumed operation in selling electricity to EGAT at beginning of February 2014.