GLOW Loses 27% of Profit in 1Q19 as SG&A Skyrockets 207%!

Glow Energy Public Company Limited (GLOW) has reported its 1Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

In 1Q19, net profit for GLOW was THB 1,901.2 million, a decrease of 27.27% from THB 2,614.2 million YoY. The decline was due to the decrease of sales and interest earned from financial lease at THB 11,941.8 million, a decrease of 4.3% from THB 12,474.7 million in 1Q18. The decrease was mainly from the decrease in revenue from sales of electricity to EGAT by IPPs due to the planned maintenance of GHECO-One for 39 days in and no electricity dispatch from GIPP to EGAT both in 1Q19

Moreover, the selling and administrative expenses were recorded at THB 452.7 million in 1Q19, an increase of 207.6% from THB 147.2 million in 1Q18 due to write-off of fixed assets due to maintenance of GHECO-One, and costs related to the takeover transaction by Global Power Synergy Public Company Limited.