May 15, 2001
Clarification on the company's performance in the first quarter of 2001
Attached please find a copy each of Thai and English version of the reviewed company only interim financial statements and consolidated interim financial statements of Padaeng Industry Public Company Limited for the quarter ended 31 March 2001 for the SET's information.
From Profit & Loss Statement (Equity Method), the company incurred net profit at the quarter ending 31 March 2001 of Bt118.14m compared to the net profit of Bt72.44m at the same quarter in 2000 or 63% increased. This was due to the increase in sale volume from 23,731 metric tons to 26,341 metric tons or 11% increased. It was also due to the depreciation of Baht that increased the sale revenue and the reduction of interest expense from Bt67.14m to Bt31.54m in the first quarter of 2001. This made the net profit in this quarter increased equal to 8.5% of total revenue compared with 6% in the same quarter of 2000.
From the consolidated method, the net profit was Bt268.15m compared to Bt71.42m in the same quarter of last year or 275% increased. The additional net profit from the Equity Method was due to the discontinued consolidation of the subsidiary which resulted in the accounting profit adjustment of Bt150.87m.
