Thai EGCO 2007 profit up 40 pct, above forecasts

BANGKOK, Feb 19 (Reuters) - Electricity Generating PCL EGCO.BK, Thailand's second-largest private power firm, said on Tuesday its 2007 net earnings rose 40 percent thanks to strong contributions from three new power plants.

EGCO, 25.4 percent owned by state-owned Electricity Generating Authority of Thailand, the country's sole power buyer, reported a net profit of 8.4 billion baht ($258 million) or 15.96 baht per share, up from 6.01 billion baht from 2006.

Eleven analysts polled by Reuters Estimates had forecast an average net profit of 8.2 billion baht. The company was expected to post a 9.7 percent fall in 2008 net profit.

EGCO, which owns a 50 percent stake in Thailand's BLCP 1,434 megawatt coal-fired power plant, began earning profits from BLCP after it started operations in January 2007, the company said in a statement.

EGCO's 50-percent owned Kaeng Khoi 2 power plant also contributed after came on line in May.

EGCO has interests in 14 power plants with a combined capacity of 3,509 MW, accounting for about 12.6 percent of Thailand's generating capacity.

EGCO shares, valued at $1.6 billion on the Thai bourse, were up one percent at 99.50 baht, at 0330 GMT on Tuesday, while the main index .SETI rose 1.11 percent. ($1=32.50 baht) (Reporting by Khettiya Jittapong, Editing by Darren Schuettler)