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 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:
Glow Energy Plc.