Report to SET
14/Nov/02
Clarifications on company’s performances in the third quarter and nine months of 2002
Attached are a copy each of Thai and English version of the unaudited interim financial statements (both consolidated and on the company only) of Padaeng Industry Public Company Limited for the quarter and nine-month period ended 30 September 2002 together with clarifications on the company’s performances during the said periods for the SET’s information as follows:
The company’s total sales volume increased by 3.1% during the 9 month period, to 80,305 metric tons. The company has also been able to increase the domestic market share especially on the value added alloy product. However due to the long period of unattractive LME zinc price the sales revenue was decreased as follows:
For the quarterly performance
From the company’s statement of income on Equity Method, the company’s sale revenue was Bt1,142.2m which decreased from the same quarter of year 2001 by Bt161.0m or 12.35% decreased. There was the loss of Bt37.0m or a net loss per share of Bt0.16 compared to an earning per share of Bt0.37 in the same period of year 2001.
From the company’s consolidated statement of income, total sale revenue was Bt1,144.6m which decreased by Bt161.9m or 12.39% from the same quarter of last year. There was net loss of Bt33.3m or a net loss per share of Bt0.15 compared to an earning per share of Bt0.37 in the same period of year 2001.
For the nine-month performance
From the statement of income (Equity Method) for the nine-month period, the company’s total sale revenue was Bt3,357.8m which decreased from the same period of year 2001 by Bt648.8m or 16.2%. There was net loss of Bt18.4m or a net loss per share of Bt0.08 compared to an earning per share of Bt1.48 in the same period of year 2001.
From the company’s consolidated statement of income, total sale revenue was Bt3,365.1m which decreased by 16.2% from the same period of last year. There was net loss
of Bt18.2m or a net loss per share of Bt0.08 compared to an earning per share of Bt2.15 in the same period of year 2001.
The main reason for the reduction in revenue in this year was due to the LME zinc price which has reduced from the average of 927 USD/ton in the nine months of year 2001 to only 781 USD/ton of this year.
Due to the fact that the zinc price in the market worldwide has been depressing continuously, it affects the operating result of the company. Apart from zinc price, the net loss was also due to the annual plant maintenance expense which was Bt89.4m while it was only Bt34.6m in the same period of last year. There was also additional residual pond rehabilitation provision in this year that will consequently extend the life of the pond for the amount of Bt20.3m.
