Thai Petrochemical profit up in Q3

Thai Petrochemical profit up in Q3

BANGKOK: Thai Petrochemical Industry, an oil refiner and chemicals maker, said profit rose 17 percent in the third quarter after interest costs halved and it gained from rising demand for chemicals used to make plastics.

Net income rose to 3.73 billion baht (US$90.7 million), or 0.48 baht a share, in the quarter ended Sept. 30, from 3.18 billion baht, or 0.40 baht a share, a year earlier, the company said on Friday in a filing to the Bangkok stock exchange.

Revenue rose 21 percent to 49.9 billion baht from 41.1 billion baht as rising sales of automobiles, electronic appliances and other products boosted demand for ethylene, the building-block chemical used to make everything from plastic bags to car parts. Ethylene by-products are then used in packaging and transportation industries.

Thai Petrochemical, the country's biggest defaulter that has been managed by the finance ministry since 2003, cut interest payments to 805.7 million baht from 1.65 billion baht a year earlier after it repaid some of its high-cost loans, the company's financial statement shows. It reported no foreign currency losses in the quarter, compared with 653.8 million baht worth a year ago. Total expenses rose 27 percent to 46.1 billion baht, led by higher crude oil costs. -- Bloomberg