Bangkok--30 Jan--Ratchaburi Electricity Generating Holding
Ratchaburi Electricity Generating Holding PCL. announced the Company and its subsidiaries’ unaudited operating performance ended December 31, 2008. The net profit was 6,492.90 million Baht or earning per share of 4.48 baht, increasing of 663.50 million Baht from the operating result of 2007.
Mr. Noppol Milinthanggoon, Managing Director of Ratchaburi Electricity Generating Holding PCL. revealed the Company and its subsidiaries’ 2008 unaudited operating performance that it recorded the net profit of 6,492.90 million Baht increasing of 663.50 million Baht or 11.38% from last year. Due to the lower of planned shutdown for operating and maintenance for Ratchaburi Power plant in 2008, the Company gained the availability payment at 12,043.67 million Baht or 684.60 million Baht. Moreover, the Company received the shared profit of its joint-ventures of 931.70 million Baht, an increase of 139.07 million Baht or 17.55% from last year. This mainly resulted from the commercial operation of Ratchaburi Power’s Power Plant unit 1-2 in March and May 2008, which generated its shared profit of 342.45 million Baht for the Company.
According to the shared profit from joint-ventures (931.70 million Baht), the Company recorded the loss in exchange rate resulting from the Baht depreciation in 2008 from Tri Energy Co., Ltd. (Tri Energy Power Plant) amount to 46.90 million Baht and Ratchaburi Power Co., Ltd. (Ratchaburi Power’s Power Plant) amount to 204.98 million Baht, which committed to pay off their loans in foreign currency. Also, the revenue in management and service fee of 121.78 million Baht which increased by 72.45 million Baht or 146.87% was received from Ratchaburi Power Co., Ltd. Whereas the Company’s 2008 cost of sales and other expenses was lower from year 2007, showing 35,798.23 million Baht, a decrease of 2,983.13 million Baht or 7.69% because of the decline in fuel cost as well as operating and maintenance cost.
In 2008, the Company and its subsidiaries’ operating income was 43,801.85 million Baht consisting of 42,210.25 million Baht from sales revenue, 121.78 million Baht from management service fee, 931.70 million Baht from shared profit of the Company’s joint ventures, 422.52 million Baht from interest income and 115.60 million Baht from other incomes.
For the Company’s cost of sales and other expenses, it recorded 35,798.23 million Baht comprising 35,158.58 million Baht in cost of sales, 608.49 million Baht in administration expense and 31.16 million Baht in the directors’ remuneration. Meanwhile, the Company’s interest expense and income tax were 1,293.37 million Baht and 217.35 million Baht respectively. In order that an increase of 120.31 million Baht or 123.98% in income tax was resulted by the ending of BOI’s tax exemption for Ratchaburi’s Thermal Power Plant unit 1-2. The Company has fully paid the income tax of its total revenue since October 30, 2008.
As of December 31, 2008, the Company’s total asset was 69,672.44 million Baht, consisting of the current asset of 19,520.08 million Baht and the non-current asset of 50,152.36 million Baht. The Company’s total liabilities was 28,697.90 million Baht, a decrease of 4,123.23 million Baht from year 2007, and the total shareholders’ equity was 40,974.54 million Baht. The Company’s financial status is demonstrated by its ratio of debt to equity at 0.70 times and debt service coverage ratio at 2.18 times
Company’s Information
Ratchaburi Elecrtricity Generating Holding PCL is a leading independent power producer in Thailand with 4,347 MW in total capacity deriving from its investment in many power plant projects both domestic and international. The Company’s capacity portion by equity own in domestic projects are as follows: The current commercial operating plants are located in Ratchaburi province consisted of a 3,645-MW Ratchaburi’s Power Plant, a 350-MW Tri Energy’s Power Plant, a 350-MW Ratchaburi Power’s Power Plant. And there is a 1.75-MW power generating from Associated Gas Project in Sukhothai province. The investment in international projects are consisted of a 153.75-MW Nam Ngum 2’s Hydro Power Plant, a 110-MW Nam Ngum 3’s Hydro Power Plant, a 93-MW Xae Pien-Xae Nam Noi’s Hydro Power Plant and a 661-MW Hongsa’s Power Plant in Lao PDR.
For more information, please contact
Public Relations Department, Ratchaburi Electricity Generating Holding PCL.
Wiwan Phayakvichien and Duangkeaw Dheinsawadkij
Tel: 0 2978 5221, 0 2978 5224 E-mail [email protected]