Glow announces Normalized Net Profit of THB 6.9 billion for the first nine months of 2017

Stocks and Financial Services Press Releases Monday November 13, 2017 16:57
Bangkok--13 Nov--Glow Energy
For the first nine months of 2017, Glow Group (""Glow"") has posted:
  • Consolidated total revenue of THB 39,644 million,
  • Earnings Before Interest, Taxes, Depreciation and Amortization (""EBITDA""), excluding adjustments for Financial Lease accounting, of THB 13,946 million,
  • Net Profit of THB 7,138 million, and
  • Normalized Net Profit (""NNP"") (net profit excluding net foreign exchange gains/losses, deferred tax income/expenses and adjustments for Financial Lease accounting) of THB 6,894 million.
EBITDA for the first nine months of 2017 decreased by 7%, and NNP decreased by 12%, from the same period of 2016.
For the third quarter of 2017, Glow Group (""Glow"") has posted:
  • Consolidated total revenue of THB 13,494 million,
  • Earnings Before Interest, Taxes, Depreciation and Amortization (""EBITDA""), excluding adjustments for Financial Lease accounting, of THB 4,691 million,
  • Net Profit of THB 2,411 million, and
  • Normalized Net Profit (""NNP"") (net profit excluding net foreign exchange gains/losses, deferred tax income/expenses and adjustments for Financial Lease accounting) of THB 2,353 million.
Solid results in a maintenance-intensive year

Brendan Wauters, CEO of Glow, commented: ""We are very satisfied with our year-to-date performance. The demand for power from our industrial customers has grown by 5% year-on-year. After the upwards adjustments in May and September, the Ft is now 21 Stg higher than it was at the end of 2016. When comparing this year's our financial performance with last year's, one needs to take into account that 2017 year-to-date, particularly Q1, has been maintenance-intensive. Post-outage availability levels have been excellent across our fleet.""

Credit rating upgraded to AA-

Pajongwit Pongsivapai, CFO of Glow, commented: ""We are delighted that TRIS has upgraded our credit rating from A+ Stable to AA- Stable. This upgrade reflects our even stronger financial profile, as a result of a declining debt level combined with our proven track record in power generation, our reliable cash flows from long-term power purchase agreements with EGAT, and long-term power and steam supply contracts with our industrial customers.""


Latest Press Release

Five priorities for insurance businesses wanting to reap rewards amid digital transformation

Imagining customer expectations with new insurance models, focussing on talent development, and strategic collaborations with agile management are keys to marking out the front-runners, according to 'Insurance trends 2019', part of PwC's 22nd CEO Survey...

Fitch Upgrades Thailand#s TOP to #AA(tha)#; Outlook Stable

Fitch has upgraded Thai Oil Public Company Limited's (TOP) National Long-Term Rating and senior unsecured rating to 'AA(tha)' from 'AA-(tha)'. The Outlook is Stable. Fitch has also affirmed TOP's National Short-Term Rating at 'F1+(tha)'. The rating...

PwC Launches Solution Supporting Audit of Cryptocurrency

- Leading the way in providing assurance services to clients engaging in cryptocurrency activities PwC is pleased to announce an important addition to our existing "Halo" suite of auditing tools that we can use to provide assurance services for entities...

Photo Release: EXIM Thailand Supports Thai Entrepreneurs in Improving Production Efficiency with Robots and Digital Technology

Dr. Nattapol Rangsitpol (forth left), Director General of the Office of Industrial Economics, Ministry of Industry and Director of Export-Import Bank of Thailand (EXIM Thailand), together with Miss Draswan Shoowong (second left), Executive Vice President...

Fitch Upgrades Thailand#s PTT Global Chemical to #AA+(tha)#; Outlook Stable

Fitch Ratings (Thailand) Limited has upgraded PTT Global Chemical Public Company Limited's (PTTGC) National Long-Term Rating and senior unsecured rating to 'AA+(tha)' from 'AA(tha)'. The Outlook on the National Long-Term Rating is Stable. Fitch has also...

Related Topics