Padaeng's first quarter profit jumps 63% to 118.14 million Baht.
Padaeng reported a sharp increase of 63 % in its quarterly net operating profit at 118.14 million Baht, supported by the increased zinc sales, the weaker Baht and the lower interest burden. Total revenues for the period increased by 15 %
In a report submitted to the Stock Exchange of Thailand, Padaeng Industry Plc said it posted a net operating profit (Equity Method) of 118.14 million Baht in the first quarter of this year, a 63% increase from 72.44 million Baht in the same period last year. Consolidated net profit for the period also surged to 268.15 million Baht from last year's 71.42 million Baht, sending its earnings per share up to 1.19 Baht from an earlier 0.47 Baht. The additional net profit from the Equity Method was due to the discontinued consolidation of the subsidiary which resulted in the accounting profit adjustment of 150.87 million Baht.
The company said the marked increase in profit was due to its marketing success to raise its metal sales for the period by 11% and a positive result from the weaker Baht. As a result, the company's revenue in the first quarter amounted to 1,386.55 million Baht, an increase of 181.56 million Baht or 15 % from the same period last year. In addition, the company's success in capital increase and financial restructuring late last year also helped ease interest payment burden from 67.14 million Baht to 31.54 million Baht in the first quarter of this year.
Padaeng produced 24,902 metric tons of zinc metal in the first quarter of this year, a 6% increase from 23,428 metric tons from the same period last year. Of total zinc metal produced, 18,361 metric tons were zinc ingot and 6,541 metric tons were zinc alloy. On the marketing side, the company sold a total of 26,341 metric tons of metal for the period, up 11% from 23,731 metric tons in the same period last year, of which 19,441 metric tons were sold for the domestic market and 6,900 metric tons for export. The proportion of domestic sales to export sales was 74% to 26% respectively.
Padaeng Industry Plc, the sole operator of zinc mine and smelter in South East Asia, was founded in April, 10, 1981 and has a production capacity of producing 100,000 metric tons per year of metal.