The Electricity Generating Plc (EGCO) reported a steady net profit in the third quarter, with profit growth for the nine-month period,thanks to additional capacity.
Thailand's first private power producer posted a consolidated net profit of 2 billion baht, unchanged from a year earlier. Nine-month consolidated net profit was 6.65 billion (12.64 baht a share), up from 6.26 billion baht (11.91 baht a share).
This year, the company gained more income from new capacity at its Kaeng Khoi 2 Unit 2 plant, which started operations in February.
However, performance was affected by lower electricity sales of subsidiaries Rayong Electricity Generating Co (Regco) and Khanom Electricity Generating Co (Kegco), caused by a reduction in the base availability credit; and lower service income from Egco Engineering & Service Co Ltd.
Since late last year, Egco has focused on expanding in Asean countries to maintain profit and revenue at a time of lower demand in Thailand. It also is looking to acquire new fuel-related and renewable energy businesses locally.
Egco Group has 13 plants with 3,980.7 MW, representing 12.3% of Thailand's total installed capacity.
Egco shares closed yesterday on the SET at 75.25 baht, up 25 satang,in trade worth 14.5 million baht.
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