Padaeng back in the black
Padaeng Industry Public Company Limited has reported to the Stock Exchange of Thailand a consolidated second-quarter net profit of Bt 177 million or earnings of Bt 0.78 per share (net profit of Bt 290 million or earning of Bt 1.28 per share for the same period of year 2007).
For the first half of this year, the Company reported a net profit of Bt 140 million or earnings of Bt 0.62 per share (net profit of Bt 604 million or earnings of Bt 2.67 per share for the same period of year 2007).
The Company has renewed with profitability after two quarters of losses (Bt -35 million for 4Q07 and Bt -37 million for 1Q08).
The world environment has been steadily degrading with falling zinc prices (average USD 2,272 per ton in 1H08 compared with USD 3,560 per ton in 1H07) and a weakening US dollar (average Bt 32.50 per USD in 1H08 compared with Bt 35.30 per USD in 1H07).
Locally, the zinc demand has improved by 9% leading the Company to reduce its exports.
After the approval of its Mining Lease, the Company has restarted the operations at the Mae Sod mine in the month of May.
Established on April 10, 1981, Padaeng Industry Public Company Limited is listed on the Stock Exchange of Thailand in the Resources Sector (Mining). The company is the only producer of high quality zinc in South East Asia, with an annual production capacity of 110,000 metric tons of zinc metal and alloy.