BPI fears impact of high energy price on profits

08 May 2008 09:56  [Source: ICIS news]

SINGAPORE (ICIS news)--British Polyethylene Industries (BPI) said on Thursday it is concerned about the potential impact of high electricity and gas prices on its operations in 2008, the films producer said in a statement.


The group was also in discussion with employees about the future of its polyethylene (PE) packaging business in Essex, UK, as it was not profitable, BPI added.


Its current intention was to close the facility and move its existing business to two other sites in the UK, it added.


Looking ahead, BPI expected its financial results for the first half of 2008 to lag behind that of the same period in 2007 but forecast a “steady” performance in the second half of the year. 


It earlier posted an 18.7% year-on-year drop in operating profits for full-year 2007 to £13.9m ($27.3m/€17.7m).


BPI produces transparent food packaging, agricultural film, plastic bags and industrial stretch films.


($1 = €0.65/$1=£0.51)


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By: Serene Cheong
+65 6780 4359

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