กรุงเทพฯ--13 พ.ค.--Ratchaburi Holding
Ratchaburi Holding Announced its Q1/2008 Operating Performance with Net Profit at 1,704 Million Baht and Set 23,344 Million Baht in Retained Earnings — Aim at Increasing Projects for Sustainable Growth
RATCH announced its business direction in increasing investment on domestic and foreign projects for sustainable growth. In the first quarter operating performance of 2008, the Company recorded net profit of 1,703.85 Million Baht or 1.18 Baht per share.
Mr. Narong Sitasuwan, Managing Director of Ratchaburi Electricity Generating Holding PCL. disclosed the progress of investment projects that the Company would continue to be focusing on the sustainable business growth including investment in various projects in Thailand and aboard and improving the existing projects to supply electricity on schedule. Since March 1, 2008, a 700-MW Rachaburi Power’s Combined-Cycle Power Plant Block 1 started the commercial operation while Block 2 with 700 MW capacity would operate in this coming June. For the under construction project in Lao PDR, a 153.75-MW Nam Ngum 2’s Hydro Power Plant is on 50.5% of completion as of March 31, 2008 whereas Hongsa’s Coal-fired Power Plant with holding capacity of 661 megawatts by equity proportion is under negotiation with EGAT for the Power Purchase Agreement which will be finalized soon. In addition, the Company is conducting the feasibility study on a 140-MW Nam Bak’s Hydro Power Plant in Lao PDR. The Company aims to hold 25% stake in Nam Bak Hydro Power Project due to its joint-venture company, SouthEast Asia Energy Limited has received the right from the Lao PDR government to develop and operate this project. Currently, the Company has its working capital of 10,974.63 Million Baht and gains its retained earnings from business operation more than 23,343.71 Million Baht, which indicates the stability of the Company’s financial statement and the readiness for business expansion in the future.
After reviewing the first quarter operating performance of year 2008, the Company gained 1,703.85 Million Baht in net profit, which is 16.83% or 344.89 Million Baht decreasing from the same period of the previous year. According to the Power Purchase Agreement, which the rate of availability payment in year 2008 is lower than that of 2007 as well as the shutdown for parts & equipment maintenance of the Thermal Power Plant Unit 2 at Ratchaburi’s Power Plant, the availability payment in the first quarter of 2008 was 2,872.84 Million Baht causing 440.89 Million Baht or 13.30% down from the last year.
In addition, the Company gained 11,589.34 Million Baht in total revenue, consisting of 10,982.84 Million Baht from sales revenue, 111.51 Million Baht from the Company’s interest income, 44.81 Million Baht from management service fee and other incomes and 450.17 Million Baht from its affiliates’ profit sharing. The Company’s cost of sales and other expenses were 9,885.49 Million Baht, consisting of 9,398 Million Baht in cost of sales, an increase due to the higher cost in power plant’s maintenance of the Combined-Cycle power plant Block 3 at Ratchaburi’s power plant, 129.78 Million Baht in administration expense, 7.02 Million Baht in the directors’ remuneration. Meanwhile the Company’s interest expense was 323.95 Million Baht and income tax was 26.74 Million Baht.
The Company’s total asset as at March 31, 2008 was 71,502.41 Million Baht, comprising 21,297.29 Million Baht as a current asset and 50,205.12 Million Baht as a non-current asset. The Company’s total liabilities was 32,126.92 Million Baht consisting of 10,155.94 Million Baht for current and 21,970.98 Million Baht for non-current liabilities, which was a decrease of 2.12% compared with the ending period of December 31, 2007. The Company had 39,375.49 Million Baht in total shareholders’ equity demonstrated by its ratio of debt to equity ratio at 0.82 time and debt service coverage ratio at 2.26 times.
Company’s Information
Ratchaburi Electricity Generating Holding PCL is a leading independent power producer in Thailand with 4,347 MW in total capacity deriving from its investment in many power plant projects both domestic and international. The Company’s capacity portion by equity own in domestic projects are as follows: The current commercial operating plants are located in Ratchaburi province consisted of a 3,645-MW Ratchaburi’s Power Plant, a 350-MW Tri Energy’s Power Plant, a 350-MW Ratchaburi Power’s Power Plant as well as a 1.75-MW power generating from Associated Gas Project in Sukhothai province. The investment in international projects are consisted of a 153.75-MW Nam Ngum 2’s Hydro Power Plant, a 110-MW Nam Ngum 3’s Hydro Power Plant, a 93-MW Xae Pien-Xae Nam Noi’s Hydro Power Plant and a 661-MW Hongsa’s Power Plant in Lao PDR. While a 3,660-MW Koh Kong’s Power Plant, which the Company has a capacity portion with its joint-venture partner at 70% stake is in Cambodia.
For more information, please contact
Public Relations Department, Ratchaburi Electricity Generating Holding PCL.
Wiwan Phayakvichien and Duangkeaw Dheinsawadkij
Tel: 0 2978 5221, 0 2978 5224 E-mail wiwanp@ratch.co.th