Report to SET
24/Feb/03
Clarification on the company’s performance results in 2002
Enclosed are the copies of PDI’s audited financial statements and consolidated financial statements for the year ended 31 December 2002 in both Thai and English version.
In year 2002, the Company had achieved improvement in production efficiency and operating cost. Total zinc metal production was 105,148 tons and total metal sold was 105,945 tons, a slight increase from year 2001. Domestic sales have increased from 75% to 81% of the total sales in 2002. However the depressed LME zinc price and the lower treatment charge received from raw material suppliers lead to lower sales revenues and operating results.
From the company’s statement of income on Equity Method, the company’s revenues from sales was Bt4,380.3m which decreased from year 2001 by Bt796.4m or a 15.38% decrease. There was a net loss of Bt28.6m or a net loss per share of 0.13 Baht compared to an earning per share of 0.82 Baht in year 2001.
From the company’s consolidated statement of income, total revenues from sales was Bt4,389.5m as compared to Bt5,197.4m in 2001 or a 15.54% decrease. There was a net loss of Bt29.1m or a net loss per share of 0.13 Baht as compared to an earning per share of 1.48 Baht in year 2001.
The main reason for the reduction in revenues this year was the depressed LME zinc price and the appreciation of Baht against USD. LME zinc price reduced from the average of 886 USD/ton in year 2001 to only 779 USD/ton in this year. Thai Baht has also appreciated by approximately 3% from the previous year.
