Bangkok--29 Apr--Ratchaburi Electricity Generating Holding
An increase of 28.57% in total revenue and 169.90% in shared profit from its affiliates.
Driving on Nam Ngum 2 Hydroelectric Power Plant in order to start its IOD and expanding domestic project development in SPP and renewable energy with 3 more projects by 2011.
Ratchaburi Electricity Generating Holding PCL. announces the Company and its subsidiaries’ operating performance of Q1/2010 with THB 1,457.27 million net profit equivalent to 1.01 Baht per share, a decrease of 20.94% or THB 386.01 million from Q1/2009. Nevertheless, the Company receives THB 9,884.68 million from sale and service revenues, which illustrates an increase of 28.57% or THB 2,196.29 million compared with the same period of last year.
Mr. Noppol Milinthanggoon, the President of Ratchaburi Electricity Generating Holding PCL. mentions “The Company’s Q1/2010 operating performance is as projection, which the Company records an increase of 28.57% from its sale and service as well as 1.7 times rising in shared profit from its affiliates while the interest payment declining at 34.82% compared with the same period of the previous year. In a meantime, the rate of availability payment of 2010 as stated in the PPA is lower than 2009 affects a decrease of the Company’s net profit by THB 386.01 million or 20.94% as well as a reduction of income tax by 30.38% compared with Q1/2009.
In Q1/2010, the Company gains THB 10,360.54 million in total revenue, consisting THB 9,884.68 million from sale and service revenues, THB 35.94 million from management service fee, THB 99.76 million from the Company’s interest income and other incomes. Moreover, the Company receives THB 340.16 million from the shared profit of its affiliates, an increase of 169.90%. This is resulted from Tri Energy Co., Ltd, an operator of Tri Energy Power Plant, that generates shared profit by 50% stake to the Company at THB 156.11 million. In addition, the Company records THB 211.62 million from Ratchaburi Power Co., Ltd, an operator of Ratchaburi Power-Power Plant, which its shared profit increased by THB 47.70 million or 29.10% from Q1/2009.
Meanwhile, the Company’s cost of sales and other expenses are THB 8,543.38 million, an increase of 54.61% from Q1/2009, which consisted of THB 8,354.17 million in cost of sales. This caused from Ratchaburi Thermal Power Plant, Unit 1&2 operate its power generation as usual whereas in Q1/2009 these two units paused operation according to the reverse shutdown affecting an excess of 72.86% in cost of energy in this quarter. Nevertheless, the Company’s interest payment is THB 169.48 million, which illustrates a declined of THB 90.52 million or 34.82% and the income tax is at THB 190.41 million, a reduction of THB 83.08 million or 30.38% compared with the first quarter of last year.
“The Company continues driving on its growth by expanding investment in 3 core businesses. Regarding to electricity generation business, the four IPP projects in Lao PDR. are ongoing development, which three projects have progress as planned. Nam Ngum 2 Hydroelectric Power Plant project is now starting impounding 1/3 of its reservoir capacity and expected to run the IOP in late of this year. Hongsa Thermal Power Plant project has already finished signing PPA with EGAT whereas Nam Ngum 3 Hydroelectric Power Plant project is on process of PPA negotiation after signing Tariff MOU. In terms of SPP and renewable energy projects, the Company is conducting feasibility study in order to make a domestic investment in solar and wind energy as well as biomass and co-generation, besides Khoa Kor Wind Energy in Phetchabun province and Pradu Thao Power Plant in Sukhothai. According to the domestic investment plan, the Company is trying to achieve 3 more renewable and SPP projects by this year. For other related businesses, coal mining is a business which the Company aims to acquire in order to use its fuel for foreign power generation projects, apart from operating and maintenance businesses.” Mr. Noppol added.
Company Information
Established in March 2000, Ratchaburi Electricity Generating Holding PCL. operates its business in power generation, renewable energy and other related businesses. Currently, the Company has its total installed capacity of 4,347 MW deriving from 4 commercial operating projects. Whereas, 4 IPP projects are ongoing development with total installed capacity of 1,111 MW and SPP and renewable energy projects has another 19 MW in total installed capacity. Considering the mentioned commercial operating and ongoing development projects, the Company will achieve the total installed capacity of 5,477 MW.
The commercial operating projects located in Ratchaburi province are 3,645 MW-Ratchaburi Power Plant (99.99% stake), 350 MW-Tri Energy Power Plant (50% stake), 350 MW-Ratchaburi Power Power Plant (25% stake) whereas 1.75 MW-Pradu Thao Power Plant locates in Sukhothai province.
The ongoing IPP projects in Lao PDR, comprising 153.75 MW-Nam Ngum 2 Hydroelectric Power Plant (25% stake), 751 MW-Hongsa Thermal Power Plant (40% stake), 110 MW-Nam Ngum 3 Hydroelectric Power Plant (25% stake) and 93 MW-Xe Pian Xe Nam Noy Hydroelectric Power Plant (25% stake)
SPP and Renewable Energy projects are 18 MW-Khoa Kor Wind Energy in Phetchabun (30% stake) and the 0.875 MW-Extension of Pradu Thao Power Plant.
Please search further information via www.ratch.co.th
For more information, please contact
Public Relations Department, Ratchaburi Electricity Generating Holding PCL.
Wiwan Phayakvichien and Duangkeaw Dheinsawadkij
Tel: 0 2794-9941-3 E-mail
[email protected]