Bangkok--14 May--EGCO Group
EGCO Group today reported a consolidated net profit of Baht 2,239 million for the first quarter ended March 31, 2009. The company’s focus is still on expanding investment opportunities in the ASEAN market and renewable energy projects using wind and solar cell to emphasize EGCO Group’s position as a leading integrated electric power company and strengthen its financial stability.
Mr.Vinit Tangnoi, President of EGCO Group, revealed that “EGCO Group’s consolidated net profit for the three-month period ended March 31, 2009 was Baht 2,239 million, representing a decrease of Baht 578 million or 21% compared to the same period of last year. The net profit per share was 4.25 Baht. Excluding the impact of foreign exchange rate, EGCO Group’s profit was Baht 2,360 million, representing an increase of Baht 217 million or 10% mainly resulting from the increase in electricity sales of the Kaeng Khoi 2 (KK2) unit 2 which achieved its Commercial Operating Date (COD) in February 2008 as well as the recognition of Quezon’s operating result since December 2008; both increases were more than the decrease in Khanom Power Plant’s electricity sales.
For the progress of EGCO Group’s project investment, Mr.Vinit mentioned that “The declining economic growth does not have any significant impact on EGCO Group’s operations. In the first quarter, EGCO BVI, a wholly-owned subsidiary of EGCO Group, purchased 100% shares of GPI Quezon Ltd. This transaction increases EGCO Group’s indirect ownership in Quezon Power ( Philippines ) Limited Co., which owns, operates and maintains a 502.5 MW (installed capacity) coal-fired electric generation, to 26%, representing a capacity of 130.7 equity MW. Meanwhile, the overall construction progress of Nam Theun 2 project in the Lao PDR at the end of March 2009 was 97% complete.”
“Moreover, the company has continued its feasibility study for renewable energy projects using wind in the South as well as solar cell in the Central and North-East which is expected to conclude by this year.”
For more information, please contact:
Siriwan Jiravisitkul Vilaiporn Su-angkha
Corporate Communications Division of EGCO Group PR Consultant
Tel: 0 2998 5137
Fax: 0 2955 0956 ext 5137