Bangkok--Nov 14--Glow Energy
For the first 9 months of 2005, Glow Energy Public Company Limited reported consolidated EBITDA at THB 6,061 mn, down 5.7% year on year (YoY), and Normalized Net Profit (Net Profit excluding unrealized gains and losses on foreign exchange) at THB3,092 mn, up 4.8% YoY.
Mr. Peter Termote, CEO of the Company explained the performance of Glow’s 2 business lines as follows
“ For the first 9 months of 2005, the cogeneration business saw very strong performance with EBITDA recorded at THB4,360mn, up by 8% YoY, and Normalized Net Profit at THB2,472mn, up 10% YoY. These results were made despite very tough market environment of rising prices of coal (up 27.5% YoY) and gas (up 9% YoY) and upward inflationary pressures. The key drivers leading to a positive trend were a 10% increase in sales to industrial customers and a successful reduction in maintenance costs through operational excellence. The results effectively prove the stability of cashflows and earnings in the cogeneration business even in difficult external circumstances.
For the IPP business, the first 9 months of 2005 EBITDA was THB1,700mn, down 29% YoY, and Normalized Net Profit was THB 620mn, down 11.6% YoY. The decrease of the result of the first 9 months of 2005 for the IPP business reflects the fact that, in Q 3 2005, Glow IPP’s 2 Units were off-line for scheduled major maintenance respectively in July and August. As per the PPA during such scheduled maintenance no revenues are earned. ”
Mr. Termote went on to add that “The outlook for 2006 is positive. In the cogeneration business, a 38 MW/70 tph expansion project (Phase 4.2) is scheduled to come on line in January 2006, we are starting to see a drop in prices for coal by around 10%-15% and a drop in the freight prices by 20%-25%, and in terms of cost control further efficiency improvements are targeted. The IPP business will be fully operational since the next major inspection of the 2 units of Glow IPP is only scheduled in 2008. Glow is also focused on bidding for the next IPP bidding round through GHECO company, a joint venture vehicle with Hemaraj.”
About Glow Energy
Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacities include 1,670 * MW of electricity and 897 * tons per hour of steam.
* Excluding Glow SPP expansion project phase 4.2
Glow Group generate and supply electricity to EGAT Public Company Limited (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.
SUEZ Energy International is Glow Energy’s major shareholder and is a business division of the SUEZ group, one of the largest international industrial and services groups in the world.
For more information about SUEZ or SUEZ Energy International, please visit the companies’ websites at www.suez.com and www.suezenergyint.com. For more information about the Glow Group please go to www.glow.co.th
For further details please contact
Sirote Vichayabhai
Glow Energy Plc.
Tel. 0-2-670 1500
Email [email protected] End.