- NNP up 40% year-on-year
- 4 billion THB loan facility secured at a record-low interest rate
For the first quarter 2018, Glow Group (“Glow”) has posted:
- Consolidated total revenue of THB 13,027 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excluding adjustments for Financial Lease accounting, of THB 4,537 million,
- Net Profit of THB 2,614 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 2,397 million.
EBITDA for the first quarter 2018 increased by 20%, and NNP increased by 40% from the same period of 2017.An excellent start to 2018
Brendan Wauters, CEO of Glow, commented: “We have made an excellent start to 2018. In comparing our results with the same period last year one needs to take into account, of course, that the first quarter of 2017 was particularly maintenance-intensive. In continuation of the trend we have seen throughout 2017, demand from our industrial customers, both in the petrochemical and in the automotive sectors, has remained very strong in the first quarter of 2018. Our SmartSave cost control program, and a progressive reduction in interest costs, continue to contribute significantly to our financial performance. In March 2018 we also reached a significant milestone in terms of workplace health and safety: our teams and our contractors should be proud that together they have now worked 10 million manhours without incurring any lost-time accident.4 billion THB loan facility secured at a record-low interest rate
Pajongwit Pongsivapai, CFO of Glow, commented: “During the first quarter of 2018, we entered into a 5-year 4 billion THB loan facility with the Bank of Ayudhya, at a record-low interest rate. This serves as another illustration of our ongoing focus on the optimization of our capital structure. Over the past three years, we have been able to secure new loans and debentures totaling 9 billionTHB at very attractive conditions, resulting in interest cost savings of some 200 MTHB per annum (when compared with the interest costs of the facilities which have been refinanced). This reflects the confidence of financial institutions and investors in our solid business fundamentals and our financial strength.”
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 3,207 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 principally located in the Map Ta Phut area and nearby.
ENGIE (previously known as GDF SUEZ), a global energy player, is Glow Energy’s major shareholder.
For more information about the Glow Group, visit www.glow.co.th. For more information about ENGIE, visit www.engie.com.
For further details, please contact:
Glow Energy Plc.