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RATCH posts a 1.161-billion-baht profit before foreign exchange loss, with 61% increases in profit sharing from joint ventures

Nonthaburi - Ratchaburi Electricity Generating Holding Public Company Limited (RATCH) announced its operating performance for the first quarter of 2018 with a 1.161-billion-baht profit before foreign exchange loss, rising 3% over year and 817 million-baht profit after foreign exchange loss, decreasing 40% from same period of 2017. However, the company booked 846 million-baht profit sharing from joint venture companies, growing 61% due to higher generating performance of Hongsa thermal power plant in Lao PDR. This year, RATCH will realize total 222.95-megawatt commercial capacity comprising of 180.45-MW Mount Emerald wind farm and 42.5-MW Collinsville solar farm in Australia.

Mr. Kijja Sripatthangkura, RATCH CEO, said that RATCH shows continued stable performance, especially for Hongsa thermal power plant whose reliability efficiency reached 91%, better than the established goal of 83% causing the profit sharing from Hongsa power plant tripled over year. Availability payment of Ratchaburi power plant, regarded as RATCH’s core asset, declined in line with availability payment per unit as specified in the power purchase agreement (PPA). The company also gave significance to the power plant’s generation efficiency management ensuring dispatch met with PPA, optimized operating cost and ensured the power plants under construction commercially operated as planned.     

 “Collinsville solar farm and Mount Emerald wind farm in Australia are scheduled to commercially operate in July and November 2018, respectively. This will help secure our revenue. The company’s recent financial cost management includes the issuance of a 300-million USD notes with a 10-year term and fixed rate of 4.5% per year due 2028. The notes were offered to foreign investors and proceeds from the note subscription will be used for repurchasing of the company’s existing notes, while the remainder will provision for future investment. Also, RATCH has bought 20% equity stake of RATCH-Australia Corporation Limited from the former shareholder. As a result, RATCH-Australia Corporation Limited will become RATCH’s wholly-own subsidiary and enhance the generating capacity by proportion up to 173.27 MW which in turn driving the company’s total capacity to reach 7,552 MW.”

For investment expansion, the company targeted 850 megawatts increase this year particularly focusing on the domestic projects relating to transportation and power-related projects and international projects including fossil-fuel power plants and renewable projects. The company has set aside 15 billion baht budget for new investment this year,” Mr. Kijja added.

For the financial position as of March 31, 2018, the company recorded the total asset of 98.097 billion baht, the liabilities of 35.247 billion baht, the shareholders’ equity of 62.850 billion baht, cash and investment of 13.735 billion baht and the retained earnings of 52.269 billion baht.

At present, RATCH recognized equity capacity of 7,552.4 megawatts equivalent, divided into 6,624.19 megawatts of commercial capacity, and 928.21 megawatts equivalent from project under construction and development. RATCH’s total capacity based on the current five investment destinations includes 5,187.21 MWeq in Thailand, 1,121.81 MW in Lao PDR, 866.35 MW in Australia, 236 MW in China and 141.03 MW in Indonesia.

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