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