Bangkok--30 Apr--Ratchaburi Holding
RATCH announced the Company and its subsidiaries’ unreviewed first quarter operating performance of 2009. The Company recorded net profit at 1,843.28 million Baht or 1.27 Baht per share, which 8.18% increase compared with 1,703.85 million Baht in net profit from the same period in the previous year.
Mr. Noppol Milinthanggoon, President of Ratchaburi Electricity Generating Holding PCL. stated that the unreviewed operating performance in the first quarter of 2009 was satisfactory with 1,843.28 million Baht in net profit, which showed 139.43 million Baht or 8.18% increase from the same period of last year. This was resulted from the availability payment of 3,562.08 million Baht gained from Ratchaburi Power Plant, which was 23.99% higher than the same period of previous year as well as the reserve shutdown causing the less of fuel usage compared with the first quarter of the previous year. This affects to the energy payment and the fuel cost declined by 49.12% and 49.50% respectively.
In addition, the Company recorded shared profit from its affiliated joint ventures of 126.03 million Baht, which declined by 324.14 million Baht or 72% comparing to the same period of last year. Due to the loss in foreign exchange rate at 163.10 million Baht and the major overhaul in Tri Energy Power Plant causing a decline in shared profit of 162.99 million Baht, the Company recorded 326.09 million Baht decreasing in shared profit from Tri Energy Company Limited, a 50% stake held by RATCH. Moreover, the Company recorded 214.20 million Baht in shared profit from Ratchaburi Power Company Limited, a 25% stake held by RATCH, or 4.69 million Baht decrease compared with the same period of 2008, which is resulted from the loss in foreign exchange rate increased by 218.89 million Baht. Nonetheless, the Company would realize an increase of 214.20 million baht in the shared profit from Ratchaburi Power Company Limited in the first quarter of 2009 if there is no deduction of the loss in foreign exchange rate, because of the operation of two blocks of combined-cycle power plant in Ratchaburi Power’s Power Plant.
As of the first quarter of 2009, the Company gained 7,948.48 million Baht in total revenue, consisting of 7,688.39 million Baht from sales revenue, 88.50 million Baht from the Company’s interest income, 45.56 million Baht from management service fee and other incomes and 126.03 million Baht from the Company’s shared profit in its affiliates. The Company’s cost of sales and other expenses were 5,571.71 million Baht, consisting of 5,403.38 million Baht in cost of sales, 168.33 million Baht in administration and other expenses. Nevertheless, resulting from the ending of BOI’s tax exemption for Ratchaburi’s Thermal Power Plant unit 1-2 since October 30, 2008, the Company had committed to pay the income tax of 273.49 million Baht, which was 246.75 million Baht or 9.23 times higher than the same period of the previous year. The Company had previously paid the principle of its debt so the Company’s interest expense was 260 million Baht, which showed a decline of 19.74% compared with the first quarter of last year.
As of March, 2009, the Company’s total asset was 70,127.22 million Baht, consisting of the current asset of 20,085.99 million Baht and the non-current asset of 50,041.23 million Baht. The Company’s total liabilities was 28,904.40 million Baht consisting of the current liabilities of 9,989.18 million Baht and non-current liabilities of 18,915.22 million Baht and the total shareholders’ equity was 41,222.82 million Baht. The Company’s financial status was demonstrated by its ratio of debt to equity at 0.70 times and debt service coverage ratio at 2.54 times
Mr. Noppol revealed the progress of the Company’s project investment in Lao PDR namely Hongsa Power Plant, Nam Ngum 3’s Hydro Power Plant and Xe-Pian Xe-Namnoy’s Hydro Power Plant. The Company is reaching the conclusions in order to negotiate the Tariff MOU with Electricity Generating Authority of Thailand (EGAT), which is expected to get conclusion in July 2009. Besides, the Company is also conducting the feasibility study for a potential power project in Indonesia.
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 domesticand 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 Xe Pien-Xe Nam Noy’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]