Bangkok--11 May--Glow Energy
Glow Group reported a 10% increase of its first quarter 2006 consolidated total normalized net profit (net profit excluding unrealized exchange gain/loss) over the same period last year, to THB 1,176 mn. Year on Year EBITDA also rose by 3.4% to THB 2,287 mn and revenues rose by 13.6% to THB 7,931mn. This is a solid start to the year.
The key drivers for the increase in normalized net profit were the reduced interest costs following the refinancing at the end of 2005 of Glow IPP and the higher volumes of electricity sold from the cogeneration business (resulting from the completion of the Phase 4 Stage 2 expansion that added another 39MW of electricity and 69 tph of steam).
Mr. Peter Termote, CEO of Glow Energy summarized by saying that “The results for the first quarter of 2006 show a solid start to the year. It shows the benefits and sustainability of our policy of operational excellence and active cash management with the long term focus on shareholders value maximization.
Mr. Suthiwong Kongsiri, CFO of Glow Energy added, “We are delighted that the creditworthiness of the company has been underscored by TRIS, who last week upgraded the Company’s rating from A- to A citing “proven records of providing reliable electricity and other utilities to customers” amongst others as a key criterion.
For 2006, the key challenges will be to position ourselves for further value creating growth in the IPP and cogen business and maintain our operational performance”
About Glow Energy
Glow Energy group is a major energy player in Thailand. Its combined installed capacities include,1,709 MW of electricity and 968 tons of steam per hour. In 2005 the group posted consolidated net earnings of 4,300 million baht on 28,596 million baht consolidated revenues.
Glow Energy owns power producers and utility providers which generate and supply 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.
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]
1 Net Earnings equal normalized income which is normalized for unrealized FX gains/losses only (it does not include non-recurring items)
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