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Thursday, 23 August 12
EGCO GROUP ANNOUNCES 2 BILLION BAHT PROFITS IN Q2/2012
 Successfully Establishes Integrated Energy Business and Strengthen Investments in ASEAN
Mr. Sahust Pratuknukul, President of Electricity Generating Public Company Limited or EGCO Group revealed the company's financial performance for the second quarter of 2012 ended June 30 that its operating profits before FX was 1,963 million baht, an increase of 222 million baht from the same period of 2011. The uplifted performance was from the group's increasing profits before FX of the power generation business at 190 million baht and of the other business at 32 million baht. The company's ending balance of cash and cash equivalents was 4,978 million baht and had debt to equity of 0.56 times. Including an extraordinary profit from the additional acquisition in Quezon Power Plant, EGCO Group’s profit would have been 6,273 million baht, an increase of 4,524 million baht from the same period of last year.
As for the second quarter of 2012, Mr. Sahust reported that EGCO Group had successfully expanded investments in Thailand and ASEAN and ventured in new business in order to become an integrated energy provider. In the country, the company acquired 99.99% of ownership in two commercially operated solar power plants namely SPP2 in Saraburi province and SPP5 in Roi Et province with the capacity of 8 MW each from MEMC Singapore Pte Ltd. Those power plants have entered into a non-firm power purchase agreement with Provincial Electricity Authority (“PEA”), and are subsidized with adder of 8 baht/MW for 10 years.
In ASEAN, EGCO Group has acquired an additional 45.875% stakes in the Quezon Power Plant in the Philippines which summed up to 98% total holding stakes and also acquired 100% stakes in InterGen Management Services (Philippines), Ltd. (IMS). The acquisitions entitled EGCO Group as the major shareholder in the Quezon Power Plant enabling the company to mandate project management and administrative support to Quezon under a long-term Power Purchase Agreement.
EGCO Group had taken the first step into new business with an acquisition of 50% stakes of Biodiesel Plant Project from Absolute Power P Co., Ltd. (Absolute), with a total capacity of 300,000 litres per day. The Biodiesel Plant is located in Rojana Industrial Park, Rayong province. Additionally, the company recently reached itself into coal mine business by signing the Share Purchase Agreement to acquire 40% ownership of interest in the Manambang Muara Enim coal mine project (MME) in Indonesia, and became partner of Indonesian company PT Alam Karya Nusantara.
In terms of business development direction for the second half of 2012, EGCO Group plans to maintain investments in renewable energy projects in Thailand. The company is up to the next IPP bidding and is eager to explore new opportunities in the neighboring countries such as Laos and Myanmar.
For international business development, EGCO Group has a solid plan to invest in an extension of 500 MW in Quezon Power Plant and seek for further investments in ASEAN like the Philippines, Indonesia, and Vietnam. It also continues expanding into new businesses to meet the 'integrated energy provider' objective.
“The achievement in the acquisitions and joint-ventures in the second quarter are in accordance with the strategic direction to extend renewable energy business, expand international markets and become the integrated energy provider. This is to strengthen our investment ground in response to our promising growth in ASEAN in the near future.” concluded Mr. Sahust.
EGCO Group currently runs 20 operating plants and 9 projects under development in Thailand and overseas with total installed capacity of 6,191MW.
Source : EGCO's website
About EGCO
The Electricity Generating Public Company Limited or EGCO is the first independent power producer in Thailand. EGCO was incorporated on May 12, 1992 by Electricity Generating Authority of Thailand (EGAT) which marked the commencement of the Thai government’s privatization initiatives to allow broader private sector investment in the power sector. EGCO was transformed into a public company on March 23, 1994 and was listed on the Stock Exchange of Thailand (SET) on January 16, 1995.
EGCO is a holding company with investment in power generation and supply as well as comprehensive energy services providing operation, maintenance, engineering and construction services to power plants and other industries in Thailand and overseas. Furthermore, the company also searches for other good opportunities for growth in the energy related to the core business.
With the corporate philosophy to grow business over a long term, EGCO Group efficiently runs our electricity generating business while taking care of the environment and the society to maintain the balance between economics return and social and environment contribution which will lead to national sustainable development.
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Thursday, 13 September 12
PANAMAX: THE NEGATIVE TREND, POOR SENTIMENT CONTINUES - FEARNLEYS AS
Handy
Lack of cargoes and a growing list of available ships is causing rates to slip for all Atlantic trades.
The only trade keeping somewhat s ...
Thursday, 13 September 12
FUEL EFFICIENT SHIPS MAY BE MORE EXPENSIVE, BUT THEY MAKE FINANCIAL SENSE SAYS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest trend in shipbuilding is the so called "Eco" ship, i.e. ships which offer much better fuel consumption and are more cost-effect ...
Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm i ...
Tuesday, 11 September 12
CLOUDY AND POLICY RISK INDONESIAN COAL INDUSTRY
COALspot.com - Bahana Securities in its latest coal outlook, commented on the Indonesian coal market, with economic slowdown in the four largest coa ...
Tuesday, 11 September 12
SHIP OWNERS KEEN ON SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most ship owners back from their summer rest, things are starting to pick up again in the second hand vessel market, with more and more deals b ...
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