Bangkok--24 Nov--Thai Optical Group
TOG, Thailand's leader in lens manufacturing, announced a profit of 173.97 million baht for the first nine months of 2015, representing an increase of 9.3% thanks to weak currency, and profit from subsidiary income. The company is gearing up for a move into other ASEAN markets to herald the start of the AEC era at the turn of the year, and it is confident that the 2015 operating results target will be met.
Mr. Torn Pracharktam, Managing Director of Thai Optical Group Public Company Limited (TOG), a leading manufacturer and distributor of plastic optical lenses in Thailand, recently announced the company's 9-month financial results for the period ending 30 September 2015. "TOG recorded 1,325.77 million baht in income from sales and services in this period," he said. "Our net profit stands at 173.97 million baht – up 14.81 million baht or 9.3% from the same period last year thanks to 17.62 million earnings from currency exchange and another 9.3 million baht of profit generated by the purchase of Polysun Limited shares."
"Our performance this year is better than in the previous ones thanks to a variety of positive factors – including growing sales of plastic lenses and the weak baht, the latter of which contributed to an increase in export sales revenue. Additionally, we began to record revenue from Polysun, a subsidiary that manufactures dyed, polarized and shaded lenses. These products allow TOG to expand our product range in response to domestic and overseas demand, putting us in a position of strength with ASEAN Economic Community integration set to start at the end of 2015. AEC nations still have a low number of people wearing the right optical aid, and this presents us with a massive growth opportunity."
TOG is focusing more of its business expansion efforts on AEC markets. 96% of its sales are currently generated from overseas markets, which are primarily in Europe, Australia, New Zealand, the United States, and Asia-Pacific regions. For its AEC expansion, the company is offering products through joint ventures in Malaysia, Singapore, and Vietnam. Further talks with potential partners are being conducted in Indonesia, the Philippines, and Burma for future operations.
"We are confident of meeting our target for 2015 in terms of operating results and growth. We currently stand to surpass last year's total income of 1,860 million baht due to growing domestic and overseas demand for lens products. The additional income from Polysun will also strengthen our financial situation and enhance our readiness for future growth," concluded Mr. Torn.