GLOW Reports Lower Profit in 2018, Falling from ฿9.07bln. to ฿8.37bln.
GLOW has reported a lower profit in 2018 of THB 8,379.2 million due to higher costs and income tax expenses.
Glow Energy Public Company Limited (GLOW) has reported its consolidated financial statement yearly 2018 through the Stock Exchange of Thailand as follows:
In 2018, net profit of GLOW was THB 8,379.2 million, a decrease of 7.68% from THB 9,075.9 million in 2017 mainly due to IPP facilities’ other costs of goods sold, such as, water, chemicals, and general overhead costs. GLOW’s income tax expenses also rose from THB 975 million in 2017 to THB 1,309 million in 2018 as well.
Meanwhile, revenue from sales of goods and interest earned from financial lease and other income in 2018 was THB 53,931 million, an increase of 2.6% from THB 52,537 million in 2017.
The normalized net profit (NNP) in 2018 for GLOW (without financial lease accounting) was THB 8,264.9 million, adjusted primarily by (i) deducting net foreign exchange gain of THB 70.83 million; and (ii) deducting deferred tax income of THB 71.14 million. As a result, in 2018, NNP was THB 8,147.2 million, decreased by 6.5% from 2017.
