For the first quarter 2016, Glow Group (“Glow”) has posted:
- Consolidated total revenue of THB 13,812 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excluding adjustments for Financial Lease accounting, of THB 4,932 million,
- Net Profit of THB 2,764 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 2,635 million.
EBITDA for the first quarter 2016 decreased by 0.6%, while NNP increased by 15.3% from the same period of 2015.
Strong results, in particular of the Cogeneration business line
Brendan Wauters, CEO of Glow, commented: “In comparing our performance for the first quarter of 2016 with the same period last year, one needs to consider that the results for the first quarter of 2015 reflected substantial non-recurring “other income” items, but also reflected the fact that GHECO-One had gone through a bi-annual inspection in that quarter (which is not the case this year). If one eliminates the “other income” items from our 2015 results, then our Normalized Net Profit in the first quarter of 2016 is actually 54.5% higher than last year. Our Cogeneration business line has performed particularly well this quarter, on the back of robust availabilities of our main units, sustained strong demand from our customers and a favourable margin environment.”
Certification by the Council of the Private Sector Collective Action against Corruption
In the course of the first quarter of 2016, Glow submitted its application to be certified by the Council of the Private Sector Collective Action Coalition against Corruption (“CAC”). In April the Council confirmed that it had reviewed Glow’s application and that all requirements for certification have been met.
Brendan Wauters, CEO of Glow, commented: “We believe the CAC is a very important initiative. We are therefore excited to join the growing number of leading Thai corporates who have obtained a certification by the CAC with respect to the effectiveness of the organization, policies and procedures they have in place to fight bribery and other forms of non-ethical behaviour.”
About Glow Energy
Glow Group, with the ENGIE Group as its main shareholder (69.11%), is a major energy player in Thailand with a combined installed capacity of 3,207 MW (Glow’s stake is 2,891 MW) of electricity and 1,206 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 located in the Map Ta Phut area and nearby.
For more information about the Glow Group please visit www.glow.co.th. For more information about ENGIE please visit the company’s website at http://www.engie.com.
ENGIE is committed to take on the major challenges of the energy revolution, towards a world more decarbonised, decentralised and digitised.
The Group aims at becoming the leader of this new energy world by focusing on three key activities for the future: low carbon generation in particular from natural gas and renewable energies, energy infrastructures and efficient solutions adapted to all its clients’ needs (individuals, businesses, territories, etc.). The customers’ satisfaction, innovation and digital are at the heart of ENGIE’s development.
ENGIE is active in around 70 countries, employs 150,000 people worldwide and achieved revenues of €66.6 billion in 2016. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).
For further details please contact:
Glow Energy Plc.