Thai TPI Polene sees better Q1 results on high prices
[2008-5-14]
Tag: Plastic Resin
TPI Polene TPIP.BK, Thailand's third largest cement firm, said on Thursday higher prices for cement and plastic resin would boost its first quarter revenue and profit.
Director Prachai Leophairatana told Reuters he expected revenue of 6.8 billion baht ($215 million), up from 5.8 billion baht in the same quarter last year.
He did not give a specific forecast for net profit, but said it would beat last year's 768.7 million baht.
"The results were better," Prachai said of the first quarter results due around mid-May.
"Selling prices were higher, especially plastic resin prices," he said.
TPI Polene expected to refinance some 8 billion baht of debt this year, a decision it postponed from last year due to a 6.9 billion baht fine for stock manipulation, he said.
In December, a Thai court sentenced Prachai to three years in jail after he and the firm were found guilty of stock manipulation in 2004.
TPI Polene was founded by the Leophairatana family, which now holds a 55 percent stake in the firm.
At 0854 GMT, TPI Polene shares were up 2.9 percent at 7.0 baht. The main Thai stock index .SETI was 0.01 percent higher. ($1=31.56 Baht) (Reporting by Satawasin Stapornchanchai; Writing by Viparat Jantraprap; Editing by Darren Schuettler)
TPI Polene TPIP.BK, Thailand's third largest cement firm, said on Thursday higher prices for cement and plastic resin would boost its first quarter revenue and profit.
Director Prachai Leophairatana told Reuters he expected revenue of 6.8 billion baht ($215 million), up from 5.8 billion baht in the same quarter last year.
He did not give a specific forecast for net profit, but said it would beat last year's 768.7 million baht.
"The results were better," Prachai said of the first quarter results due around mid-May.
"Selling prices were higher, especially plastic resin prices," he said.
TPI Polene expected to refinance some 8 billion baht of debt this year, a decision it postponed from last year due to a 6.9 billion baht fine for stock manipulation, he said.
In December, a Thai court sentenced Prachai to three years in jail after he and the firm were found guilty of stock manipulation in 2004.
TPI Polene was founded by the Leophairatana family, which now holds a 55 percent stake in the firm.
At 0854 GMT, TPI Polene shares were up 2.9 percent at 7.0 baht. The main Thai stock index .SETI was 0.01 percent higher. ($1=31.56 Baht) (Reporting by Satawasin Stapornchanchai; Writing by Viparat Jantraprap; Editing by Darren Schuettler)
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