Glow announces Normalized Net Profit of THB 6.9 billion for the first nine months of 2017

Stocks and Financial Services Press Releases Monday November 13, 2017 16:57
Bangkok--13 Nov--Glow Energy
For the first nine months of 2017, Glow Group (""Glow"") has posted:
  • Consolidated total revenue of THB 39,644 million,
  • Earnings Before Interest, Taxes, Depreciation and Amortization (""EBITDA""), excluding adjustments for Financial Lease accounting, of THB 13,946 million,
  • Net Profit of THB 7,138 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 6,894 million.
EBITDA for the first nine months of 2017 decreased by 7%, and NNP decreased by 12%, from the same period of 2016.
For the third quarter of 2017, Glow Group (""Glow"") has posted:
  • Consolidated total revenue of THB 13,494 million,
  • Earnings Before Interest, Taxes, Depreciation and Amortization (""EBITDA""), excluding adjustments for Financial Lease accounting, of THB 4,691 million,
  • Net Profit of THB 2,411 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 2,353 million.
Solid results in a maintenance-intensive year

Brendan Wauters, CEO of Glow, commented: ""We are very satisfied with our year-to-date performance. The demand for power from our industrial customers has grown by 5% year-on-year. After the upwards adjustments in May and September, the Ft is now 21 Stg higher than it was at the end of 2016. When comparing this year's our financial performance with last year's, one needs to take into account that 2017 year-to-date, particularly Q1, has been maintenance-intensive. Post-outage availability levels have been excellent across our fleet.""

Credit rating upgraded to AA-

Pajongwit Pongsivapai, CFO of Glow, commented: ""We are delighted that TRIS has upgraded our credit rating from A+ Stable to AA- Stable. This upgrade reflects our even stronger financial profile, as a result of a declining debt level combined with our proven track record in power generation, our reliable cash flows from long-term power purchase agreements with EGAT, and long-term power and steam supply contracts with our industrial customers.""


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