Bangkok--12 May--Glow Energy
- Highest quarterly results ever
- High industrial customers’ demand and new sales volume
- Funding of 2010 requirements completed
Highest quarterly results ever
For the 1st quarter of 2010, Glow Group (“Glow”) posted:
- Consolidated total revenues of THB 9,044 million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 2,580 million, and
- Normalized Net Profit (“NNP”), net profit before unrealized foreign exchange gains and losses) of THB 1,361 million for the 1st quarter of 2010.
The quarterly NNP is the highest recorded since the start of our operations in 1994.
High industrial customers’ demand and new sales volume
In the 1st quarter of 2010, EBITDA of Glow Group has increased by 9% from that of 4th quarter of 2009 and by 72% from that of 1st quarter of 2009. Meanwhile, NNP has increased by 22% from that of 4th quarter of 2009 and by 128% from that of 1st quarter of 2009. The key drivers for the strong results posted were continuing high industrial customers’ demand and new sales volume, and favorable operating margins.
Mr. Esa Heiskanen, CEO of Glow Group, commented: “The results posted for the 1st quarter of 2010 clearly show continuing strong profitability and prospects of our Group. The business conditions are far more favorable to us than the same period last year. The sale volume to our industrial customers has continued to increase as our new petrochemical customers are starting operation of their new expansion facilities. The operating margin for both gas-fired and coal-fired plants also continued to be strong, thanks to relatively stable fuel cost.”
The delayed start-up of the new 115 MW coal-fired unit is currently causing the Company to shortfall EGAT in order to have enough capacity to provide to the new industrial customers. However, the revenue shortfall is mainly compensated by the Delay Liquidated Damages (“DLD”) from the contractor. The current estimate for start of commercial operations for the new unit is within 2nd quarter of 2010.
Funding of 2010 requirements completed
On the financial side, Mr. Suthiwong Kongsiri, the CFO of Glow Group further added: “We are proud to announce that we have now completed funding of 2010 requirements, by successfully issuing 9,000 MTHB bond last month at very favorable tenor and interest rate. In addition, we have also secured additional 4,000 MTHB bank loan commitment with locked-in interest rate for our funding need for next year. By doing so, we are not only minimize our funding risks, but also further enhance our return of our projects under construction as funding costs achieved are well below our target level.”
For further details please contact:
Natthapatt Tanboon-ek
Glow Energy Plc.
Tel. 02-670-1500-1
Email :
[email protected]