Bangkok--27 Oct--Ratchaburi Electricity Generating Holding
Ratchaburi Electricity Generating Holding PCL. [SET symbol: RATCH
] today announces its unreviewed consolidated operating performance of the Company and subsidiaries for the third quarter of 2006 ended September 30, 2006. The Company recorded net profit of 1,795 million baht or earning per share at 1.24 baht, increasing by 314 million baht or 21% of the net profit of 1,481 million baht from the same period in 2005.
For this quarter, the Company’s consolidated total revenue was 13,402 million baht, consisted of electricity sales of 13,090 million baht, interest income of 148 million baht, sharing profit of an associated and joint-venture companies amounted to 150 million baht, and other income of 14 million baht. The Company’s total costs and expenses were 11,607 million baht, consisted of cost of sales of 11,084 million baht, selling and administrative and other expenses of 133 million baht, and interest expense and income tax were 390 million baht.
Mr. Narong Sitasuwan, Managing Director of Ratchaburi Electricity Generating Holding PCL. revealed that in the third quarter this year the net profit of the Company increased by 21% because the Company’s interest income of this quarter was 148 million baht, increasing by 81 million baht or 1 times from 67 million baht in the third quarter of 2005. This mainly was due to an increase in the company’s working capital and the interest rate during the year 2006.
Besides, the administration expenses for this quarter was 125 million baht, decreasing by 456 million baht or 78% of the expenses of 581 million baht from the same period of last year because in 2005, the major company’s subsidiary, Ratchaburi Electricity Generating Company Limited refinanced the whole amount of principle outstanding loan and recorded the expenses of this transaction for 466 million baht.
For the 9-month period of 2006 operating performance, the Company recorded net profit of 5,188 million baht or earning per share at 3.58 baht, decreasing by 298 million baht or 5% of the net profit of 5,486 million baht from the same period in the previous year.
Mr. Narong said that for the net profit of the 9-month period of 2006 operating performance slightly decreased from the same period last year because the selling income received from Availability Payment (AP) decreased from last year. This was due to a lower of Available Payment rate specified in the Power Purchase Agreement (PPA) this year that affected on the 9-month period of 2006 operating performance.
Moreover, in this year, the company’s cost of sales increased from last year because in the 9-month period of 2006 operating performance, the company recorded the maintenance expenses of Ratchaburi combined-cycle power plant from General Electric International Operations Co., Inc. and GE Energy Parts, Inc., contracting parties to Contractual Service Agreement (CSA) of Ratchaburi Electricity Generating Company Limited amounting 578 million baht, compared with the last year expenses of 312 million baht.
Mr. Narong added that presently, the Company’s working capital amounts to 9,491 million baht and its retained earning from business operation accrues to 17,746 million baht. These reflects to the solid financial position in order to prepare its readiness on the source of funds for future investment in power generating business which will bring growth and added business value for the most benefits of shareholders. The Company still maintains the dividend policy of at least 40 % of the net profit after legal reserve. The Company has been paying high dividend of 47-50 % during the past.
Ratchaburi Holding’s information
Ratchaburi Electricity Generating Holding Public Company Limited is a leading investment company in power generation business with a total capacity of 3,995 MW, deriving from its investment in many power plant projects. Ratchaburi Holding has a capacity portion by equity own in each projects as follows: The current commercial operating plants are the 3,645-MW Ratchaburi’s power plants and the 350-MW Tri Energy’s power plants in Ratchaburi province. The ongoing projects are the 350-MW Ratchaburi Power’s power plants in Ratchaburi province, the 1.75-MW power generation from flared gas project in Sukhothai, and the 153.75- MW, and Nam Ngum 2’s Hydro power plant. In 2013, Ratchaburi Holding will have a total production capacity of 4,500.50 MW.
Learn more about Ratchaburi Holding, visit our web site at www.ratch.co.th
For more information please contact:
Mookpim Chulpongstorn / Saowanee Ratanakit
Tel: 02-978-5223-4 Fax: 02-937-9541