Report to SET
14/Nov/03
Clarifications on company’s performances in the third quarter and nine months of 2003
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 2003 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 3.7% during the 9-month period, to 83,264 metric tons as a result of growing domestic demand for zinc metal. In addition, increase in LME zinc price during the 9-month period led to company’s improved operating performance in spite of stronger Baht against the USD as follows:
For the quarterly performance
From the company’s statement of income on Equity Method, the company’s sale revenue was Bt1,245.8m which increased from the same quarter of year 2002 by Bt103.6m or 9.07% increased. There was the profit of Bt12.6m or a net profit per share of Bt0.06 compared to a loss per share of Bt0.16 in the same period of year 2002.
From the company’s consolidated statement of income, total sale revenue was Bt1,247.4m which increased by Bt102.8m or 8.98% from the same quarter of last year. There was net profit of Bt13.0m or a net profit per share of Bt0.06 compared to a loss per share of Bt0.15 in the same period of year 2002.
For the nine-month performance
From the statement of income (Equity Method) for the nine-month period, the company’s total sale revenue was Bt3,516.2m which increased from the same period of year 2002 by Bt158.4m or 4.72%. There was net profit of Bt8.8m or a net profit per share of Bt0.04 compared to a loss per share of Bt0.08 in the same period of year 2002.
From the company’s consolidated statement of income, total sale revenue was Bt3,522.6m which increased from the same period of last year by Bt157.5m or 4.68%. There was net profit of Bt7.1m or a net profit per share of Bt0.03 compared to a loss per share of Bt0.08 in the same period of year 2002.
The main reason for the increase of revenue in this year performance in spite of stronger Baht against the USD was due to the fact that LME zinc price has slightly increased from the average of 781 USD/ton in the nine months of year 2002 to the average of 794 USD/ton of this year.
In the frame of its policy of global liberalization of trade, the Thai government recently announced a reduction of the import duty tariffs on zinc products, from 10% down to 5%. This might affect the amount of metal sold in the domestic market. Padaeng management is currently reviewing the situation to determine the most appropriate course of action for the company.
