- Completed Glow SPP1 divestment and the acquisition of 69.11% Glow Energy shares by GPSC
- Planned maintenance activities for GHECO-One completed ahead of schedule
- Adopting new accounting standard
For the first quarter 2019, GLOW Group (“GLOW”) has posted:
- Consolidated total revenue of THB 12,982 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excluding adjustments for Financial Lease under TFRIC4 and Revenue Levelization under TFRS15, of THB 3,627 million,
- Net Profit of THB 1,901 million, and
- Normalized Net Profit (“NNP”) (net profit excluding net foreign exchange gains/ losses, deferred tax income/expenses and adjustments for Financial Lease under TFRIC4 and Revenue Levelization under TFRS15) of THB 2,057 million.
EBITDA for the first quarter 2019 decreased by 20%, and NNP decreased by 14% from the same period of 2018.
Maintenance-intensive period in Q1/2019
Pajongwit Pongsivapai, CEO of GLOW, commented: “In the first quarter of 2019 we are pleased that the acquisition of 69.11% Glow Energy shares by GPSC was completed. During the same period, we also achieved the sale of 100% shares of Glow SPP1 Company Limited for a sum of THB 3,300 million. This results in a one-time P&L positive impact from recording the after-tax capital gain of THB 512 million. The first quarter of this year was maintenance-intensive period, resulting in lower operational performance, although we completed 39-day planned maintenance activities on GHECO-One and brought the units back ahead of schedule. For the Cogeneration business, the demand from our industrial customers has remained at high level similar to the same period of last year. However, the operating margin of our Cogeneration business continued under pressure from high gas and coal prices, notwithstanding the upwards adjustments of Ft of 4.30 Satang/KWh in January.”
Adopting new accounting standard
Sirobon Boontaworn, CFO of GLOW, commented: “When reviewing GLOW’s statutory financial results in 2019 and going forward, please be reminded that GLOW has adopted a new accounting standard, TFRS 15 Revenue from Contracts with Customers. This impacts one of our subsidiaries, GHECO-One Co. Ltd.. The adoption of TFRS 15 results in: (i) one-time adjustment of retained earnings on 1 January 2019, at the consolidated level, of THB 5,821 million; and (ii) downward adjustment of revenue from sales in 2019 with the impact for the first quarter of 2019 of THB 345 million.”
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 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.
GPSC, The Innovative Power Flagship of PTT GROUP, is Glow Energy’s major shareholder hold 69.11%.
For more information about the Glow Group, visit www.glow.co.th. For more information about GPSC, visit www. http://www.gpscgroup.com
For further details please contact:
Glow Energy Plc.
Tel. 66 (0) 2670 1500-1