Glow announces Normalized Net Profit of 1.7 billion THB for the first quarter of 2017
- 3 billion THB facility1 raised in the international loan market at highly competitive terms.
For the first quarter 2017, Glow Group ("Glow") has posted:
- Consolidated total revenue of THB 12,136 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), excluding adjustments for Financial Lease accounting, of THB 3,773 million,
- Net Profit of THB 1,898 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 1,713 million.
EBITDA for the first quarter 2017 decreased by 24%, and NNP decreased by 35% from the same period of 2016.
Lower results reflect maintenance-intensive period
Brendan Wauters, CEO of Glow, commented: "Our lower results for the first quarter of 2017 reflect, among others, the fact that this was a very maintenance-intensive period. We completed planned maintenance activities on a number of our main units, including Gheco-One, Glow Energy Phase 5 and HHPC. Our teams achieved an excellent safety record throughout these works, and brought the units back ahead of schedule. In general terms we are very satisfied with our operational performance since the start of the year. We also continue to see sustained strong demand from our industrial customers."
3 billion THB facility raised in the international loan market
Pajongwit Pongsivapai, CFO of Glow, commented: "During the first quarter of 2017 we refinanced maturing debt by entering into a 5-year bullet, 3 billion THB loan facility. We are extremely satisfied with the competitiveness of the pricing we have been able to achieve in this round of funding."
[1] 3 billion THB equivalent (i.e. after swap from the original currency into THB).
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