For the first quarter 2015, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 16,131 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excluding adjustments for Financial Lease accounting, of THB 4,953 million,
- Net Profit of THB 2,183 million, and
- Normalized Net Profit (“NNP”) (net profit excluding unrealized foreign exchange gains/ losses, deferred tax income/expenses and adjustments for Financial Lease accounting) of THB 2,286 million.
EBITDA and NNP for the first quarter of 2015 increased by 4.6% and 10.0% year-on-year respectively.
Robust operational performance, GHECO-One maintenance completed, material Other Income
Brendan Wauters, CEO of Glow, commented: “It is noteworthy that in the first quarter of 2015 we recorded a number of material “Other Income” items: compensation for the delay in GHECO-One’s construction completion, and revenue from insurance claims related to the disruption of one of our coal-fired cogeneration units in 2014.Even without these items, however, our performance was still solid, especially taking into account that we carried out the scheduled maintenance for our Gheco-One plant in the period from January to early February. This maintenance activity was completed on schedule, and since the unit has been returned to service its reliability and efficiency have been excellent. The results of our Cogen business line were boosted by higher generation from our lower cost units, in a fairly flat volume and spread environment.”