Glow Energy Plc, the private power producer, an 8.7% year-on-year decline in third-quarter net profit, attributed to higher maintenance costs and lower dividend income from its investments.

Net profit for the period to Sept 30 was 1.03 billion baht (0.71 baht a share), compared with 1.12 billion (0.77 baht a share) in the same period last year. Nine-month net profit fell 16% to 3.2 billion baht (2.19 baht a share) from 3.72 billion (2.54 baht a share), though sales increased 4.8% to 25.76 billion baht.

Chief executive Esa Heiskanen said Glow had implemented several cost-saving initiatives to limit profit declines.

Glow shareholders have approved the acquisition of a 67.25% stake in the 150- megawatt Houay Ho hydropower plant in Laos. As well, the 660-MW Gheco-One power plant, held 65% by Glow and 35% by Hemaraj Land and Development Plc, is scheduled to start operating in November 2011.

As a result, by 2011, the company's combined capacity will have increased by more than 50% from the current 1,708 MW and 967 tonnes an hour of steam, said Mr Heiskanen.

GLOW shares closed on Friday on the Stock Exchange of Thailand at 17.70 baht, up 40 satang, in trade worth 5.97 million baht.