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Penrice sees rise in global soda ash demand

Penrice Soda Holdings expects much better pre-tax results in 2006 but an increased tax rate will take some of the gloss off the results.
The company paid an effective tax rate of less than 2% for the…

Penrice Soda Holdings expects much better pre-tax results in 2006 but an increased tax rate will take some of the gloss off the results. The company paid an effective tax rate of less than 2% for the 1H of 2005 because of deductions related to listing on the Australian Stock Exchange. The company“s tax rate will revert to normal in 2006 and AUD 700,000 in costs related to the resignation of former chief executive David Reid would also hit the company“s first-half results, chairman John Heard told shareholders at the annual meeting on 30 October 2006. The chairman of the Adelaide-based soda ash and sodium bicarbonate maker said sales volumes of soda ash, the company“s core product with about 70% of revenues, were expected to increase about 3%. “At the same time, global soda ash prices are forecast to continue to increase in line with higher global demand for soda ash”, Mr. Heard said. These price increases would kick in during the 2H due to the timing of contract renewals.

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