Electricity Generating (Egcomp) emerged as the best performer among listed power-related firms last year, with a dramatic 48-per-cent rise in profits from Bt4.09 billion in 2005 to Bt6.04 billion.

The next best-performing companies in the sector - as charted by percentage increase in profits for companies listed on the stock exchange - were PTT Exploration and Production, Saha Cogeneration, PTT, Glow Energy and Rayong Purifier.

The profit jump at Egcomp was ascribed to foreign-exchange gains, the absence of pre-operating expenses of Bt280 million for the Nam Theun 2 dam project (which occurred in the third quarter of 2005) and higher revenue contribution from the company's independent power producer (IPP) and overseas power businesses.

Egcomp had unrealised forex gains of Bt766 million in 2006, compared with losses of Bt285 million in the previous year.

Its IPP group, consisting of Rayong Electricity Generating and Khanom Electricity Generating, showed a net profit for the two companies of Bt4.93 billion, up Bt720 million thanks to higher sales of electricity.

Its overseas group business, comprising Conal Holdings Corp and Nam Theun 2 Power, recorded a Bt119-million net profit, compared with a Bt455-million net loss in 2005.

Net profit for Egcomp's small power producer business fell by Bt173 million to Bt126 million, due mainly to an increase in Gulf Electric's sales costs, administrative expenses and interest expenses.

Egcomp is an IPP with 13 operating plants totalling 3,133.6 megawatts following a 50-per cent acquisition in BLCP, a 1,434MW coal-fired power plant, early this year.

Ratchaburi Electricity Generating Holding - Thailand's largest IPP - last year reported a marginal rise in the company's net profit from Bt6.07 billion in 2005 to about Bt6.11 billion.

PTT Exploration and Production was the second-best performer in the year. Its net profit rose to Bt28.05 billion from Bt23.73 billion in 2005.

This was followed by Saha Cogeneration, which reported a net profit of Bt369.06 million, up from Bt312.9 million.

Glow Energy and Rayong Purifier's earnings followed by rising 11 per cent each, boosted by higher sales as oil prices climbed to record levels last year.

PTT recorded a net profit of Bt95.26 billion, or Bt34.02 a share, up from Bt85.52 billion, or Bt30.57 a share.

Last year, PTT - Thailand's largest company by market capitalisation - booked Bt1.214 trillion in sales and services, up from Bt926.27 billion in 2005.

Bangkok Aviation Fuel Services's yearly net profit surged 10.51 per cent from Bt417.57 million in 2005 to Bt461.47 million.

Rayong Refinery was the worst performer in terms of percentage gains and losses in profit. Its net profit slumped from Bt11.98 billion in the previous year to Bt7.76 billion, threatened by a lower gross refining margin and the absence of gain on debt restructuring recorded in 2005.

Banpu also saw its net profit decline, from Bt5.56 billion in 2005 to Bt3.61 billion.

The declining gross refining margin also put pressure on Thai Oil, Thailand's largest oil refiner.

The company's net profit fell from Bt18.75 billion in 2005 to Bt16.59 billion.