Bangkok--29 Jul--Ratchaburi Electricity Generating
Gaining Net Profit of 3,900 Million Baht from H1/2009 Operating Performance
Ratchaburi Electricity Generating Holding Public Company Limited (RATCH) announced the Company and its subsidiaries’ first half unreviewed operating performance of 2009 with a net profit 3,900 million baht, or 2.69 baht per share. This result reflects an increase of 31.33% compared to the same period last year. Whereas the net profit for the second quarter of 2009 was 2,057 million baht, or 1.42 baht per share, which represents an increase of 62.48% from the same period last year.
Mr. Noppol Milinthanggoon, the President of Ratchaburi Electricity Generating Holding PCL reported the Company’s operating performance for the second quarter and first half of 2009 and indicated that was satisfactory. The net profit increases of 930 million baht for the first half and 791 million baht for the second quarter compared to the same periods of last year reflects the Company’s effective strategic planning and execution.
Furthermore, the Company’s outstanding H1/2009 performance includes of the interest rate reduction by Ratchaburi Electricity Generating Co., Ltd., which reduces the Company’s interest payment by 540 million baht for remaining period. In addition, the Company is continuing to make investments in Small Power Producers (SPP) and Very Small Power Producers (VSPP) such as investing 35 million baht in the expansion of the Pratu Thao Power Plant in Sukhothai in order to add its total capacity to 2.625 megawatts and purchasing additional common shares of the Sustainable Energy Corporation Company Limited, the developer of a 60 MW-Wind Power Project in Phetchabun, so that the Company’s stake is now 30% resulting 18 megawatts gained from its equity.
For the unreviewed operating result of the second quarter of 2009, the Company and its subsidiaries recorded a net profit of 2,056.58 million baht, an increase of 790.87 million baht or 62.48% from the same period of last year. The Company gained 9,652.88 million baht in total revenue consisting of 8,901.08 million baht in sales revenue, 62.46 million baht in interest income, 83.16 million baht in management service fees and other income, and 606.18 million baht from the Company’s shared profit of affiliates. The Company’s cost of sales and other expenses were 7,077.87 million baht, consisting of 6,894.06 million baht in cost of sales, 183.81 million baht in administration and other expenses while the interest payments were 227.03 million baht, a decline of 89.67 million baht or 28.31% compared to the second period of last year, which the Company committed to pay 316.70 million baht and the tax income was 291.40 million Baht.
According to the less of planned shutdown for maintenance of Ratchaburi Power Plant, which refers to the Power Purchase Agreement causing the higher rate of Availability Payment, the Company gained 636.22 million baht increase in availability payment whereas the energy payment declined by 2,048.53 million baht compared to the same period of last year. Nevertheless, as a result of the reserve shutdown of Ratchaburi Power Plant, its fuel consumption is less than the same period of previous year causing the fuel cost reduced by 26.40%.
For the shared profit of the Company’s affiliates in the second quarter of 2009, the Company gained an increase of 411.80 million baht from Ratchaburi Power Power Plant, a 25% stake and an excess of 131.41 million baht from Tri Energy Power Plant, a 50% stake.
Regards to the first half operating performance of 2009, the Company recorded a net profit of 3,900 million baht, an increase of 31.33% or 930 million baht compared to the first half of last year.
“The Company continues to look for foreign and domestics investment opportunities in power sector and related businesses. The twin objectives of the investments are to increase the Company’s total installed capacity as well as its profitability. Our target is to increase our installed capacity to 7,800 megawatts by 2016. At present, the Company has a total installed capacity of 5,478.37 megawatts from its current investment projects, of which commercially operating projects generates 4,347 megawatts and the remainder is in process of development. With regards to the progress of Nam Ngum 2 Hydro’s Power Plant, construction is 85% completed and it is expected to start initial operation date in the late 2010, which will generate additional sales revenue for the Company” Mr. Noppol concluded.
Company’s Information
Established in March 2000, Ratchaburi Electricity Generating Holding PCL is a leading independent power producer in Thailand with 5,478.37 MW in total installed capacity deriving from its investment in many power plant projects both domestics and foreign. 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, Pratu Thao Power Plant in Sukhothai province, which the Company currently invests in the expansion of 0.875 MW-Pratu Thao Power Plant. The investment projects under development 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-Pian Xe-Namnoy’s Hydro Power Plant and a 751-MW Hongsa’s Power Plant in Lao PDR. For renewable energy development, the Company invests in Wind Power Project in Phetchabun with capacity proportion of 18 MW.
For more information, please contact
Public Relations Department, Ratchaburi Electricity Generating Holding PCL.
Duangkeaw Dheinsawadkij and Khanut Bunnooklub
Tel: 0 2978 5221-5224 E-mail [email protected]