Bangkok--10 May--Ratchaburi Electricity Generating Holding
Ratchaburi Electricity Generating Holding PCL. [SET symbol: RATCH
] today reports its 2006 first quarter audited net profit 1,933.79 million bath, equivalent to 1.33 baht per share. It decreased by 10 percent from 2,149.14 million baht compared to same period of 2005.
Mr.Narong Sitasuwan, Managing Director of Ratchaburi Electricity Generating Holding PCL. said that in first quarter, cost of sales is higher than last year, which mainly resulted from rising of the maintenance expenses of Ratchaburi Power Plant. The company realized additional 161 million bath expenses from General Electric International Operations Co., Inc. and GE Energy Parts, Inc., contracting parties to Contractual Service Agreement (CSA), in which our main subsidiary, Ratchaburi Electricity Generating Company Limited, entered on 29 December 2005. In addition, a lower of Available Payment (AP) rate specified in the Power Purchase Agreement (PPA) this year affected on our performance in this quarter.
However, the electricity sales in this period, comprising of Available Payment (AP) and Electricity Payment (EP), was up to 12,388.59 million baht increasing 16.22 percent from the first quarter of previous year. Also, interest income gained 109.41 million baht higher by 55.35 million baht than last year same as to profit sharing income from joint venture companies increased to 190.93 million baht compared to 104.20 million in the same quarter of 2005.
In the meantime, the Company’s cost of sales jumped to 10,404.04 million baht representing 24.83 percent from same period last year. Administrative expenses increased from 117.54 million baht previous year to 128.32 million baht while the interest expenses was higher 14.35 percent to 327.66 million bath compared to the first quarter 2005.
Mr. Narong commented that “during the period, we focus on power plants’ efficiency maintenance and cost management to ensure that our cash flow is stable and consistent. We carefully planed power plant’s maintenance schedule based upon type of power plant as well as nationwide power demand in certain period of time. Meanwhile, we have signed 22-year CSA with General Electric International Operations Co., Inc. and GE Energy Parts, Inc. in order to strengthen generation availability of the combined cycle power plants and stabilize maintenance expense by paying service charge in quarterly basis.”
Ratchaburi Electricity Generating Holding PCL. is a Thailand leading investment firm in power generation business with total installed capacity of 3,995 Megawatts, including 3,645 megawatt from Ratchaburi Power Plant and 350 Megawatts from Tri Energy Power Plant. Furthermore, the Company has another 503.75 Megawatts sharing 350 Megawatts from gas-fired combined cycle Ratchaburi Power Project located in Ratchaburi Province and 153.75 megawatts from Nam Ngum2 hydro power project located in Lao People's Democratic Republic (Lao PDR). The Company expects to realize income from both projects in 2008 and 2015 respectively
For more information please contact:
Public Relations Department of Ratchaburi Electricity Generating Holding PCL.
Wiwan Phayavichien and Saowanee Rattanakit
โทร. 0 2978 5221-4
อีเมล์ : [email protected] , [email protected]