Bangkok--15 May--Glow Energy
Glow Energy reported consolidated total revenues of Bt8,264mn, Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of Bt2,174mn and Normalized Net Profit (“NNP”, net profit before unrealized foreign exchange gains and losses) of Bt1,101mn for the first quarter results ending 31 March 2007.
Mr. Peter Termote, the CEO of Glow Group gave the following remarks on the first quarter results “The first quarter results was in line with our expectation. The cogeneration business continues to perform well with volume of electricity sold to industrial customers increasing by 5%. However, as we are operating beyond our optimal capacity, the additional volume will not significantly contribute to our margin until the new 115MW expansion project begins commercial operation around end of 2009. Our NNP decreased slightly mainly because of the stronger Thai Baht (vs last year) which reduces our margin in both the cogeneration and the IPP business and higher taxes as our business starts to come out of BOI tax exemption period. The growth prospect of our business remains attractive with the new round of IPP bidding expected to begin within the next few months and we will also participate in the new SPP program.”
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 1,709 MW of electricity and 968 tons per hour of steam.
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]
Click for photo release at www.thaipr.net