Bangkok--10 Aug--Ratchaburi Holding
Ratchaburi Electricity Generating Holding PCL. [SET symbol: RATCH
] today announces its reviewed consolidated financial report of the Company and subsidiaries for the accounting period of January 1 - June 30, 2006. The Company recorded a net profit of 3,393 million baht or earnings per share at 2.76 baht, decreasing by 611 million baht or 15% from the same period of 2005.
For the first half of 2006, the Company’s consolidated total revenue was 25,778 million baht, which consisted of electricity sales of 24,980 million baht, interest income of 242 million baht, shared profit of an associated and joint-venture companies of 411 million baht, revenue received from management and service fee of 119 million baht and other income of 26 million baht. The Company’s total costs and expenses amounted to 21,659 million baht, consisting of cost of sales of 21,389 million baht, selling and administrative expense of 255 million baht and other expense of 15 million baht. Meanwhile, the Company’s interest expense and income tax totalled 727 million baht.
For this second quarter, the Company recorded an availability payment of 2,802 million baht, decreasing by 578 million baht or 17% from the same period of the previous year. This was due to a lower Availability Payment rate specified in the Power Purchase Agreement (PPA) this year. In addition, the maintenance service fee and spare parts expense amounted to 149 million baht, increasing by 108 million baht from the second quarter of 2005, affected by Unit 1 combined-cycle power plant’s shutdown for major overhaul scheduled for every six years. Moreover, the Company’s interest payment was 368 million baht, an increase of 84 million baht or 29% from the same period in 2005. This resulted from the rising interest rate of the market.
As at June 30, 2006, the Company and its subsidiaries’ total assets were 68,517 million baht. The Company had total liabilities of 35,085 million baht and shareholders' equity equaled at 33,432 million baht. The company’s financial status is demonstrated by its ratio of debt to equity at 1.05 times and debt service coverage ratio at 2.27 times.
For RATCH’s investment direction in the second half of this year, the Company has prepared for more investments, both domestic and abroad. The Company is geared up, in terms of capital and facility factors, for the IPP bidding, which is expected to take place at the beginning of 2007. In the meantime, the Company is progressing with many projects for instance, the 1,400-MW Ratchaburi Power Plant Project located in Ratchaburi province, which is operated by Ratchaburi Power Company Limited, is under construction. The EPC contractor is Mitsubishi Heavy Industry Corporation Limited. The project is expected to operate commercially in 2008. The 615-MW Nam Ngum 2 Hydro Power Plant, located in Lao PDR, and operated by SouthEast Asia Energy Company Limited, has been agreed on. The major contracts that include the long-term power purchasing with EGAT, the loan contract, and the construction contract have been signed since May 26, 2006. The initial operation date is expected to be in July 2010. The plant is anticipated to operate commercially in January 2013.
In addition, the ethanol production project of Siam Ethanol Exports Company Limited is expecting to generate commercially in the second quarter of 2007 which will generate ethanol alcohol of 30 million litres per year. The gas-engine power plant project runs on flared gas at the Pradutao A crude oil production base, Sukothai Province. The project is set up to generate power by optimizing natural gas, which is a by-product of crude oil, normally flared, to generate 1.75 MW of electricity. The Company will test-run the project within this year and is expecting to operate commercially in the beginning of 2007. As both projects are invested by Ratchaburi Energy Company Limited.
Learn more about Ratchaburi Holding, visit our web site at www.ratch.co.th
Information for media contact:
Manida Koyrangub / Saowanee Ratanakit
Public Relations Department Ratchaburi Electricity Generating Holding PCL.
Tel. 0 2978 5221-4 Fax 0 2937 9541