PDI first half 2017 consolidated net profit grows to 523MB, significantly exceeding 131MB in H1 2016
Padaeng Industry Public Company Limited, or PDI, announces its performance for the first half of 2017, ending June 30, generating 2,888 MB from sales and services, up 15% from 2,510MB from the same period last year.
PDI’s consolidated net profit increases to a historical high of 523MB, with 392MB year-on-year from 131MB.
These excellent results are supported by higher LME prices and local premiums in the Thai market. The average LME zinc price during HY1 2017 increased 50% to 2,690 USD/t from 1,796 USD/t during HY1 2016. Other favorable impacts came from the sales of a joint venture investment in Maesod Clean Energy Co., Ltd. of 59 MB, and the sales income of 50MB from the divestment of Padaeng Industry (Laos) Co., Ltd., the Company’s subsidiary.
More specifically for Q2 2017, the Company’s net profit reached 211MB compared to a net profit of 101MB in Q2 2016. For the full year of 2016 PDI reported a strong performance, with total revenues of 5,341 MB and a net profit of 478 MB, the highest in the past five years.
With the good performance in this first half year, the continued consistent high Zinc prices and local Thai market premiums and the good performance of the Solar Farms, PDI’s outlook for 2017 remains outstanding.
PDI continues to make significant progress in the realization of its make-over strategy, especially in energy investments. The construction of our second Japan solar farm of 10.57MW in Japan is progressing smoothly with confirmed expected commissioning in the 3rd Quarter of 2017. The PDI Mae Ramat Solar Farm of 6.5MW in Tak province operates well above targets and contributes to the Company’s results. Other renewable energy targets in South East Asia and beyond are continuously explored.