Bangkok--Nov 16--Padaeng Industry
Padaeng Industry Public Company Limited announces a net consolidated profit for third quarter of Baht 108.9 million compared to Baht 67.4 million in Q3 2004 or a 61.51% increase, giving a YTD result of Baht 442 million equivalent to a ROCE of 15.8%.
From the company’s consolidated statement of income for the nine-month of 2005, total sales from revenues and services was Baht 4,516 million which increased from the same period of last year by Baht 260 million or a 6.1% increase. There was a net profit of Baht 442 million or a net profit per share of Baht 1.96 compared to net profit of Baht 197.8 million or a net profit per share of Baht 0.88 in the same period of year 2004, a 123.4% increase.
Due to the slowdown of the local economy impacting in particular sheet and pipe galvanizing, the zinc products were down 11% compared to the same period last year.
The increase in net profit despite the lower sales volume is due mainly to a much higher LME zinc price and the increased input of silicate ore from the company’s mine at Mae Sot, even though the progression is somewhat limited by the forward sales of metal to protect against such zinc price fluctuations. LME zinc price of the quarter was 1,296 USD per metric ton (53,566 Baht) versus 980 USD (40,474 Baht) in 2004
The current level of activity is expected to continue into Q4 as there is no sign yet of pick-up of the demand.
In addition, the company also announced having sold forward another 10,000 metric ton of Zinc metal into 2006 at the price of 60,839 Baht. The total coverage of the company for 2006 amounts to 30,000 metric tons at a zinc price of 58,490 Baht. It is equivalent to about half the exposure to the metal.
Established on April 10, 1981, Padaeng Industry Public Company Limited is Listed on SET in the sector Mining. It is the only Zinc Smelter in Southeast Asia with an annual production capacity of 110,000 tons of Zinc metal & alloys.
The Company’s zinc mine and smelter are located in Tak province; the roaster plant is located in Rayong province and the head office in Bangkok. The Company’s total workforce consists of 750 employees.
For further information
Padaeng Industry Public Company Limited
Chitchai Thaveepanich
Tel. 0-2661-9900 ext. 2002 End.