Bangkok--25 Feb--Glow Energy
Glow Group (“Glow”) posted consolidated total revenues of THB 34,906 million, Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 8,100 million and Normalized Net Profit (“NNP”), net profit before unrealized foreign exchange gains and losses) of THB 3,786 million for fiscal year 2009.
In 2009 Glow achieved an EBITDA of THB 806 million above that of 2008 and in the NNP for 4th quarter 2009 stood at THB 1,117 million, an increase of THB 898 million NNP from the 4th quarter in the previous year. The key drivers for the results were continuing strong industrial customers’ sales and further improvement in operating margins.
Mr. Esa Heiskanen, the CEO of Glow Group commented: “We are satisfied with the performance of the group in 2009 considering we had a slow start in the 1st quarter with the economic recession and a plant outage. Since then industrial customers’ sale volume and margins have gradually improved while we were able to recover THB 225 million of business interruption claim in 2009, with the remainder of claims expected to be paid within this year.”
Mr. Suthiwong Kongsiri, the CFO of Glow Group further added: “Glow is in advance stage of securing THB 9,000 million funding required for this year for our expansion projects under construction. Thanks to favorable market liquidity and our solid business fundamentals and operating track record, the financing proposals we have received is far in excess of the financing amount we required. As such, we will be able to achieve funding with tenors up to 9 years. These achievements reflect positively on the confidence of financial institutions and capital market in our business.”
About Glow Energy
Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacity is 1,860 MW (Glow’s stake is 1,775 MW) of electricity and 967 tons per hour of steam.
Glow Group generates and supplies electricity to Electricity Generating Authority of Thailand (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.
GDF SUEZ Energy Europe & International is Glow Energy’s major shareholder and is a division of the GDF SUEZ Group, one of the largest international industrial and services groups in the world.
For more information about GDF SUEZ please visit the companies’ website at www.gdfsuez.com.. For more information about the Glow Group please go to www.glow.co.th
For further details please contact
Natthapatt Tanboon-ek
Glow Energy Plc.
Tel. 02-670-1500-1
Email :
[email protected]