Ratchaburi Electricity Generating Holding Plc (RATCH), Thailand's largest private power producer, yesterday reported a threefold leap in profit in the third quarter on increased generation capacity.

Net income for the three months ending on Sept 30 rose to 2.07 billion baht, or 270%, from 560.7 million last year, on revenue of 11.52 billion baht.

Nine-month net profit was 5.04 billion baht (3.48 baht a share), an increase of 6.2% from 4.75 billion (3.28 baht a share) in the same period last year.

Ratchaburi Power Ltd, 25% owned by RATCH, started up its 1,400-megawatt plant in March and the gas-fired generator is now running at full capacity, according to managing director Noppol Milintanggoon.

Higher sales this year were attributed to all plants running at full capacity. Ratchaburi shut down two units for maintenance in the same period last year. Operation and maintenance expenses fell 58% and 92% respectively as a result of major overhauls completed this year.

Ratchaburi operates 4,347 megawatts in total capacity from its domestic and international power plants.The company expects a slight decline in earnings next year due to higher tariffs in line with power purchasing agreements (PPAs), said analyst Thanatthep Chantarakarn of Bualuang Securities.

He said new power projects in a few years seemed unlikely because of low demand in a sluggish economy.