16 November 2004 01:35 [Source: ICIS news]
SINGAPORE (CNI)--Thailand’s NFC Fertilizer returned to profit in the third quarter on gains related to the successful completion of its debt-restructuring programme.
For the three-month period ended 30 September NFC recorded a net profit of Baht11.4bn ($282m/Euro218m), rebounding from a loss of Baht499.8m in the same period a year earlier. Almost all of the net profit was, however, due to a Baht11.3bn extraordinary gain attributed to debt restructuring. Without the extraordinary item, NFC would have only recorded a net profit of Baht88.1m.
Sales in the three-month period totalled Baht812m, up from the Baht672m recorded in the year-earlier period.
NFC, which is located in the Mab Ta Phut petrochemical complex in Rayong province, has a capacity to produce 280 000 tonne/year of phosphoric acid, 460 000 tonne/year of sulphuric acid and 1.1m tonne/year of nitrophosphate.
While the company recently repaid its debts, it is still in need of new working capital in order to ramp up its plants to optimum capacity. NFC is currently preparing a public issuance of new shares in the company in an effort to raise its total registered capital to Baht4bn ($97m/Euro76m) from Baht2.49bn.
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