PDI announces 3rd Quarter and 9-month erformance Baht.
In a report submitted to the Stock Exchange of Thailand, Padaeng Industry Public Company Limited announced improved operational results for the 3rd Quarter and first 9-months of 2001, owing to increased sales volume, improvement in production efficiency and a reduction in interest expense burden. Moreover, the company was able to lessen risks associated with currency exchange rate by converting long term loans from US denominated currency, to local currency.
These factors helped the company incur on equity method a net profit of 83.7 million Baht during the 3rd quarter (July-September 2001), from a net loss of 32.4 million Baht during the same period last year. For the 9-month period (January-September), net profit totaled 335.6 million Baht, an increase of 343 percent from 75.7 million Baht during the same period last year.
Figures from the company's consolidated financial statement for the 3rd quarter show a rise in net profit to 83.7 million Baht, compared to the net loss of 47.2 million Baht during the same period last year. On the 9-months, net profit equaled 486.4 million Baht, compared to 47.7 million Baht for the previous year's 9-months. On the whole, however, net profit for the 3rd quarter was down in relation to the first half of the year, during which net profit totaled 402.7 million Baht.
Due to the economic slowdown and weakened LME zinc price, which has declined nearly 30 percent to an average of US$ 826 per metric ton during the 3rd quarter, compare to the same period last year, the company's sales revenue for the 3rd quarter has decreased slightly to 1,332.4 million Baht, despite a rise in total sales volume to 26,232 metric tons for the quarter, up from 25,029 metric tons last year. However, the stronger US currency, which is valued at US$1 per 45 Baht, compared to US$1 per 41 Baht last year, partially compensated the steep decline in LME zinc price.
In anticipation of the continued downturn in the world economy as well as the decline in LME zinc price, which has already affected the world zinc industry, the company remains committed to enhance its efficiency and to manage operations with caution and thorough consideration of the current unstable global conditions.
Padaeng Industry Public Company Limited was established on April 10, 1981 and is Southeast Asia's sole zinc producer, with an annual production capacity of approximately 100,000 metric tons.