Padaeng first quarter profit surged to 72.4 million baht.
Padaeng's first quarter performance report showed 72.4 million baht net operating profit, compared with 21.4 million baht profit in the corresponding period of 1999 and also 137.5 million baht increase in total revenue, helped by increased domestic sales, higher world zinc price and lower production cost.
In a report to the Stock Exchange of Thailand on May 15, Padaeng Industry Plc said its first quarter financial statement, ending March 31, 2000, showed a net operating profit of 72.4 million baht, compared with 21.4 million baht profit in the corresponding period of 1999. Total revenue for the period was 1,209 million baht, compared with 1,067.4 million baht revenue in the same period of last year, an increase of 137.5 million baht or 12.8%.
The company attributed the increased revenue to the higher sales of zinc products with proportion of domestic sales to export rising to 75% this year from 65% last year while world zinc price in the first quarter this year improving to an average of US$1,130 per metric tonne from US$ 993 per metric tonne in the same period of last year.
In addition, the company used more zinc silicate in combination with zinc concentrate than in the same period of last year from 31% to 40% on average.
On the consolidated financial statement, the company and its subsidiaries posted a 71.4 million baht net operating profit, compared with 3.3 million baht loss in the same period of last year, bringing the company's accumulated loss to 2,998 million baht from total accumulated loss of 3,069.4 million baht as of 1999.