Bangkok--14 Nov--Glow Energy
Glow Energy reported consolidated total revenues of THB 24,324mn, EBITDA of THB 6,742mn and normalized net profit (equals to net profit before unrealized foreign exchange gains and losses) of THB 3,444mn for the 9-months period ending 30 September 2006. The normalized net profit represents a year-on-year rise of THB 352mn or an increase of 11.4% from the same period last year.
Mr. Peter Termote, the CEO of the company explained the key drivers of the performance as follows: “The third quarter result was on track and in line with our expectation. Comparing with the same period last year, the continued increase in sales margin (for steam and electricity) and higher volume of electricity sales to industrial customers remain the key positive drivers for the cogeneration business. For the IPP business, the key EBITDA driver was the resumption of normal operation since the major inspection performed in Q305 and the lower interest costs thanks to the refinancing completed in December 2005 despite a resulting higher gearing. Overall both the Cogen and IPP business helped boost the Normalized Net Profit.
He went on to add “Again, we believe that for the whole of this year, the group will continue to produce another set of strong results. Since 2002 the normalized profit has increased every single year for Glow without major capacity additions. Now we are having opportunities for profitable growth. 1) For the cogeneration business, the growth will centre on the expansion plans of our key petrochemical customers with COD in 2009-2010. We are very optimistic to acquire additional contracts, which could enable us to add another 120-220 MWe (megawatt equivalent) to our current cogeneration capacity. 2) For the IPP business, we are still expecting the Request for Proposal (RfP) to be issued sometime by first half 2007. We are well prepared to propose competitive and value creating solutions to supply EGAT under the IPP contracts. Through our joint venture with Hemaraj Land and Development, we hope to win bids for 700-1400 MW of additional IPP capacity to become operational in 2011-2015 period.”
About Glow Energy
Glow Energy group is a major energy player in Thailand. Its combined installed capacities include,1,709 MW of electricity and 968 tons of steam per hour. In 2005 the group posted consolidated net earnings of THB 4,300mn on THB 28,596mn consolidated revenues.
Glow Energy owns power producers and utility providers which generate and supply electricity to the 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.
SUEZ Energy International is Glow Energy’s major shareholder and is a business division of the SUEZ group, one of the largest international industrial and services groups in the world.
For more information about SUEZ or SUEZ Energy International, please visit the companies’ websites at www.suez.com and www.suezenergyint.com . For more information about the Glow Group please go to www.glow.co.th
For further details please contact
Sirote Vichayabhai
Glow Energy Plc.
Tel. 0-2-670 1500
Email [email protected]
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