Report to SET
Clarifications on company's performances in the second quarter and first-half of 2002
The unaudited interim financial statements (both consolidated and on the company only) of Padaeng Industry Public Company Limited for the second quarter and six-month period ended 30 June 2002 together with clarifications on the company's performances during the said periods for the SET's information as follows :
From the company's statement of income on Equity Method, the company's revenue from sales was Bt2,215.6m which decreased from the same period of year 2001 by Bt487.8m or 18.1% decrease. There was the net profit of Bt18.7m compared to Bt251.8m in the same period of last year or an earning per share of Bt0.08 compared to an earning per share of Bt1.11 in the same period of year 2001.
From the company's consolidated statement of income, revenue from sales was Bt2,220.5m which decreased by Bt487.9m or 18.01% increase from the same period of last year. Net profit for this period was Bt15.1m compared to Bt402.7m in the same period of last year or an earning per share of Bt0.07 compared to an earning per share of Bt1.78 in the same period last year.
For the quarter comparison on equity statement, revenue from sales was Bt1,100.6m which decreased by Bt220.9m or 16.72% from the same quarter of last year. There was net profit of Bt24.0m which decreased by Bt109.7m or 82.0% decrease. However, on consolidated method, net profit was Bt21.1m in this quarter while it was Bt134.5m in the same quarter of last year.
Although revenue and profit this period were lower than the same period of last year, the zinc production in first half of year 2002 was 51,765 mt., increased from the same period of last year by 1,376 mt. and sale volume was 52,822 mt. an increased by 1,063 mt or 2.1% increase.
Main reason for the reduction in revenue in the first half of the year was due to the LME zinc price which reduced from the average of 977 USD/mt. in the first half of year 2001 to only 788 USD/mt.in the first half of this year or decreased by 19.3%. For quarter comparison, the average LME zinc price for the second quarter of year 2001 was 934 USD/mt. while it was 782 USD/mt in the same quarter of this year or decreased by 16.3%. The Baht exchange rate was also strengthen from 44.83 Baht/USD to 43.17 Baht/USD compared in the same quarter.
On consolidated basis, the reduction in profit also resulted from the deconsolidation of a subsidiary which had ceased operation and gain an accounting profit of Bt150.9m in the same period of the year.