- EBITDA and NNP increased by 25% and 12% respectively Year-on-Year
EBITDA and NNP increased by 25% and 12% respectively Year-on-Year
For the third quarter of 2012, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 15,609 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of THB 3,686 million,
- Normalized Net Profit (“NNP”) (net profit before foreign exchange gains and losses) of THB 1,492 million, and
- Net Profit of THB 1,885 million.
The EBITDA and NNP of the third quarter of 2012 increased by 65% and 63% compared to the second quarter of 2012.
For the first nine months of 2012, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 41,085 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of THB 9,137 million,
- Normalized Net Profit (“NNP”) (net profit before foreign exchange gains and losses) of THB 3,593 million, and
- Net Profit of THB 3,981 million.
The EBITDA of the first nine months of 2012 increased by 25% year-on-year, while NNP increased by 12% year-on-year.
Continued improvement of Cogeneration business performance and contribution from GHECO-One are key drivers for the third quarter
For the first nine months of 2012, sales volumes of our Cogeneration Business increased in all segments. Sales volume of electricity and steam to industrial customers increased by 10% and 21%, year-on-year, respectively, while sale of electricity to EGAT under SPP contracts increased by 31%.
GHECO-One started operation on August 19, 2012 and for the third quarter year 2012, GHECO-One, in which Glow hold 65% stake, posted EBITDA and NNP of THB 730 million and THB 372 million, respectively.
Mr. Esa Heiskanen, CEO of Glow Group, commented: “This year, we benefited from increasing demand of industrial customers and increased sales to EGAT amid good rainfall at our hydro plant in Laos, Houay Ho, and new SPP contract with EGAT with COD in June 2012. Furthermore, we achieved start of operation of GHECO-One in August and the 660 MW coal-fired IPP plant has been running reliably since.”
Mr. Esa Heiskanen continued: “Looking into next quarters to come, we are on track to deliver earnings growth from expansion program being implemented since 2007. This expansion program has increased our total capacity by 80% to current level of approximately 3,500 MW equivalent. The last project of the expansion program to be completed is 110 MW gas-fired cogeneration plant, scheduled to start commercial operation by end of 2012.”
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 further details, please contact:
Glow Energy Plc.