Bangkok--Oct 27-- Ratchaburi Electricity Generating Holding
Ratchaburi Electricity Generating Holding PCL. [SET symbol: RATCH
] today announces its unreviewed consolidated financial report of the Company and subsidiaries in the third quarter of 2004 ended September 30, 2004. The Company recorded net profit of 1,897.52 million baht or earning per share at 1.05 baht, increasing by 311.69 million baht or 19.65% of 1,585.83 million baht from the same period of 2003.
For this third quarter, the Company has realized the revenue received
from the availability payment (AP) of 3,113 million baht, decreasing by 169.12 million baht or 5.15 percent from the third quarter of 2003. This is due to the availability payment rate of the Thermal Power Plant in the third quarter of 2004 was lower than the availability payment rate in the third quarter of 2004 as specified in the Power Purchase Agreement (PPA) with EGAT.
Whereas the interest expenses of the Company in this quarter amounting
307.42 million baht has slightly decreased by 36.39 million baht or 10.65 percent from the same period of 2003. This was a result of the second loan amendments for the interest rate reduction based on MLR -2.5% which the average interest rate for the third quarter of 2004 was 3.25%. In addition the principle has been repaid according to its schedule at the end of each quarter.
In addition, the Company has recorded the spare parts and machinery
maintenance expenses for the third quarter of 2004 lower than the same period of previous year at 346.80 million baht due to no power plant planned outage. While the machinery maintenance expenses of the Combined Cycle Power Plant Block 1-3 in the third quarter of 2003 has been recorded at 363.38 million baht.
For the Quarter 3/2004 sharing profit / loss of investment in subsidiaries and associated companies, the Company has recorded the share of profit of joint ventures amount of 66.25 million baht which consisted to a profit sharing of joint-ventured Tri Energy Company Limited (TECO) amounted to 84.55 million baht and a share of loss of joint-ventured Ratchaburi Power Company Limited amounting 18.30 million baht due to the pre-operation of power plant project.
Ratchaburi Electricity Generating Holding PCL is a Thailand leading
investment firm in power generation business with total installed capacity of 3,907.5 Megawatts. At present, the Company wholly owns 5 subsidiaries and 3 associated companies namely;
Subsidiaries
Ratchaburi Electricity Generating Company Limited, holding 99.99%, is an operator of Ratchaburi Power Plant in Ratchaburi province with total installed capacity of 3,645 Megawatts.
Ratchaburi Energy Company Limited, holding 99.99%, is an investment arm
in small power businesses that use renewal fuel. Currently, it has invested 15% stake in Siam Ethanol Export Co., Ltd., an operator of Ethanol manufacturing project for export.
Ratchaburi Gas Company Limited, holding 99.99%, is an investment arm in
power generation business. It currently holds 37.5% stake in Tri Energy
Company Limited.
Ratch Udom Power Company Limited, holding 99.99%, is an investment arm
in power generation business. It currently holds 99.99% stake in Ratchaburi Alliance Company Limited.
Ratchaburi Alliance Company Limited holds 99.99% stake through Ratch
Udom Power Company Limited. which currently held 25% stake in Ratchaburi
Power Company Limited.
Associated Company
Tri Energy Company Limited is an operator of 700 Megawatt Combined Cycle
Power Plant located in Ratchaburi province using natural gas as its
primary fuel and diesel oil as secondary fuel. The Tri Energy Company
Limited is held by Ratchaburi Gas Company Limited at 37.5% in stake.
Ratchaburi Power Company Limited is an investor of 1,400 Megawatt
Combined Cycle Power Plant, using natural gas as its primary fuel and
diesel oil as secondary fuel. The project will locate at the facility site of Ratchaburi Power Plant in Ratchaburi province. The Company hasinvested through Ratch Udom Power Company Limited and Ratchaburi
Alliance Company Limited by holding stake at 25%.
Siam Ethanol Export Company Limited is a licensed ethanol manufacturer for export with approximately capacity of 30,000 tons per year in productivity. RATCH takes part by holding 15% stake through Ratchaburi Energy Company Limited.
Information for media contact:
Public Relations Department,
Ratchaburi Electricity Generating Holding PCL.
Tel: 0 2978 5061-2 Fax:0 2937 9321 (Contact: K. Wiwan / K. Mookpim)
Email: [email protected] End.