MESSAGE FROM THE CHAIRMAN
In 2008 Glow Group (‘the Company’) achieved significant commercial successes which will ensure future profitable growth for both its cogeneration and its IPP Business, an achievement we can be proud of. Despite a difficult environment which has negatively impacted our profitability, the Company managed to deliver satisfactory financial results. In 2008, Glow Group recorded consolidated total revenues of Baht 33,751 million, a 4.33 percent increase from 2007. Our normalized net profit (‘NNP’ – net profit before unrealized foreign exchange gains and losses) was Baht 3,784 million, a 12.27 percent decrease which was mainly due to an increase in fuel which was not accompanied by a corresponding increase in electricity tariff, as well as a reduction in demand of our industrial customers during the last quarter due to the economic downturn.
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Annual Report 2008