Bangkok--18 Aug--KPLUS PR
Chow Steel Industries Public Company Limited (CHOW), a major manufacturer and distributor of steel billet in Thailand, announced its financial results for the first half of the year 2014 reporting net profit of THB 92.99 million with year-over-year increase of 445.34%.
For the second quarter of 2014, CHOW reported a total of 74,263 tons for steel billets sales with an increase of 14,769 tons or 24.82% compared to the same period in last year. Income from sales and operations of its steel business reported a total of THB 1,306.29 million with ayear-on-year increase of THB 341.59 million. Net profit reported a total of THB 48.54 million.
The growth reported for the first quarter this year continued in the second quarter. For the first half of 2014, steel billets sales increased by 43,584 tons or 38.83% compared to the same period last year. Income from sales and operations reported a total of THB 2,717.62 million with an increase of THB 729.36 million. Net profit increased by THB 75.94 million.
AnavinJiratomsiri, CEO of CHOW, attributed the reported significant growth in net profit to the stable growth in sales and continuous efficiency in resource management and cost control. The company aims to reach 300,000 to 320,000 tons in sales volume, compared to 280,000 tons last year. With the current industry growth and sales forecast, CHOW reports promising outlook for full-year sales and profit targets.
Besides its steel business,CHOW has been working to diversify its business with expansion into renewable energy industry. Projects were kicked off in Japan. The first solar energy plant is expected to operate and generate revenue starting in the fourth quarter this year. The expansion into the renewable energy industry is its strategy for long-term sustainable growth.