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GLOW ENERGY PUBLIC COMPANY LIMITED

1 Empire Tower, 38th Floor - Park Wing, South Sathorn Rd.,
Yannawa, Sathorn, Bangkok 10120, Thailand.
Tel. 66 (0) 2670 1500-1 Fax. 66 (0) 2670 1548-9

23 February 2012

Glow delivers more capacity and increased sales, but rising fuel cost reduces sales margin


Glow delivers more capacity and increased sales, but rising fuel cost reduces sales margin

- EBITDA increases by 4.5%
- Volume of sales to Industrial Customers increases, but margins tighten and tax expenses increase
- Major expansion project completed in 2011 and more to be delivered in 2012

Mr. Esa Heiskanen, CEO of Glow Group, commented: “Our industrial customer sales volume benefited from new demand, coming from both customers of Phase 5 projects and contribution from acquisition of Thai National Power completed in the 3rd quarter. Looking into 2012, we foresee that industrial customer sales volume shall further increase as Phase 5 customers are gradually increasing consumption for their new production facilities. Nevertheless, we are again in the period where operating margin is tightening since the government has not allowed electricity tariff to be adjusted to fully reflect increasing fuel prices. In addition, loss posted at HHPC as a result of abnormally low rainfall in 2010 had also material negative impact to 2011 performance. Following good rainfall last year HHPC operations have already returned back to normal.”

EBITDA increases by 4.5%

For the fiscal year 2011, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB [40,955] million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB [9,954] million,
- Normalized Net Profit (“NNP”) (net profit before unrealized foreign exchange gains and losses) of THB [4,104] million, and
- Net Profit of THB [3,494] million.

The EBITDA of fiscal year 2011 increased by 4.5%, while NNP decreased by 8.6%, respectively, compared to fiscal year 2010.

Volume of sales to Industrial Customers increases, but margins tighten and tax expenses increase

Sales of electricity and steam to industrial customers increased year-on-year by 6.2% and 15.8% respectively. On the other hand, average gas cost for the year 2011 increased approximately 10%, while electricity tariff increased only 0.59%. As a result, operating margin of Cogeneration Business is tightening while sales volume is increasing.


Mr. Suthiwong Kongsiri, CFO of Glow Group, added: “Thanks to increasing industrial sales volume, our EBITDA grew by 4.5% although with tighter margins. Nevertheless, tax expenses of IPP business increased by THB 430 million, being one of the main contributors of NNP drop, mainly as a result of BoI tax privilege on Corporate Income Taxending in 2011”


Major expansion project completed in 2011 and more to be delivered in 2012

Mr. Esa Heiskanen, CEO of Glow Group, continued: “For the expansion projects we have been developing, completion of Phase 5 project is major achievement in 2011, in addition to CFB3 completion in 2010. Projects under development scheduled to be completed in 2012 include not only 660 MW coal-fired IPP GHECO-One project and 110 MW gas-fired Cogen SPP 12 project (formerly known as Thai National Power 2 Company Limited), but also a solar farm project. We started construction of 1.5 MW solar farm, located in Mab Ta Phut area, already in 4th quarter 2011 and it is scheduled to be completed in 3rd quarter 2012. These projects will add more than 20% additional capacity to our power generation fleet.”

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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 3,084 MW (Glow’s stake is 2,268 MW) of electricity and 1,116 tons per hour of steam.

Glow Group generates and supplies 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 and nearby.

Global Power Synergy Public Company Limited (GPSC), the power flagship of PTT group, has been a major shareholder of Glow Energy since 14 March 2019.

For more information about the Glow Group please visit www.glow.co.th. For more information about GPSC please visit the company’s website at www.gpscgroup.com.

For further details, please contact:

Prapon Chinudomsub

Glow Energy Plc.

Tel. 02-670-1500-1

Email: prapon.c@glow.co.th




Last Reviewed/Updated : 23/Feb/2012