18 May 2005 09:55 [Source: ICIS news]
SINGAPORE (CNI)--Thailand’s TPI Polene (TPIPL) registered a 66% drop in its net profit in the first quarter of 2005 to Baht758.67m, down from Baht2.336bn in the corresponding period of 2004, the company has announced.
This was due mainly to its high expenses, which grew 24.7% to Baht5.05bn from Baht4.04bn in 2004. Revenues grew only 4.3% to Baht6.27bn from Baht6.01bn the previous year.
The company did not give a reason for the slow growth in revenues and the higher expenses in its statement to the Stock Exchange of Thailand (SET).
TPIPL is partly owned by Thai Petrochemical Industry, which is being administered by the Ministry of finance after collapsing with debts of around $2.7bn.
Most of its revenues come from the cement business, with a quarter coming from the production of petrochemicals such as low-density polyethylene (ldPE) and ethyl vinyl acetate (EVA).
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