Bangkok--16 Aug--Glow Energy
- 2nd quarter results confirm upward trend for 2010
- High industrial customers’ demand and healthy operating margin are key drivers
- Declaration of 0.735 Baht/share interim dividend
2nd quarter results confirm upward trend for 2010
For the 2nd quarter of 2010, Glow Group (“Glow”) posted:
- Consolidated total revenues of THB 9,273 million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 2,470 million, and
- Normalized Net Profit (“NNP”) (net profit before unrealized foreign exchange gains and losses) of THB 1,239 million.
For the first 6 months of 2010, key results posted are:
- Consolidated total revenues of THB 18,318 million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 5,051 million, and
- Normalized Net Profit (“NNP”) (net profit before unrealized foreign exchange gains and losses) of THB 2,600 million.
The 2nd quarter results continue to be strong following the record high quarterly results in the 1st quarter of 2010.
High industrial customers’ demand and favorable operating margin are key drivers
Compared with the same period last year, EBITDA of the first 6 months increased by 38.0% while the NNP of the first 6 months increased by 46.8%. The key drivers for the strong results posted are continuing high industrial customers’ demand, both from existing and new customers’, and healthy operating margins.
Mr. Esa Heiskanen, CEO of Glow Group, commented: “The results posted in the 2nd quarter clearly demonstrate the robustness of our business. Demand from our existing customers continued to be strong, while demand from new customers contracted to off-take this year has continued to ramp up. The volume of power and steam sold to industrial customers for the first 6 months has increased, compared to the same period last year, by 20% and 8% respectively. On the operating margin side, fuel cost continued to be relatively stable. Combining with stable tariff, our operating margin on both gas-fired and coal-fired plants has been satisfactory.”
Mr. Esa Heiskanen continued: “Our new 115 MW coal-fired unit is under final testing and expected to start full commercial operation in the 3rd quarter of 2010. This will further strengthen the results of the company.”
The interim dividend of 0.735 Baht/share is declared
Mr. Suthiwong Kongsiri, CFO of Glow Group, commented: “With the robust results and funding success during the first half of 2010, the Board of Directors has decided to increase the interim dividend payment from 0.70 THB/share, paid in 2009, to 0.735 THB/share this year. We succeeded not only in raising funds for our 2010 requirements, but also in securing 4,000 MTHB for our 2011 requirements. Our funding program only requires a remaining 3,000 MTHB in the first half of 2011, in order to support committed investment projects.”
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 visit www.glow.co.th.
For further details please contact:
Natthapatt Tanboon-ek
Glow Energy Plc.
Tel. 02-670-1500-1
Email :
[email protected]