4 December 1997: Thai Glass Industries Public Co. Ltd. recently reported a net profit of 46.7 million baht on sales of 852.6 million baht for the third quarter of 1997. While sales were 6.1% lower tha…
4 December 1997: Thai Glass Industries Public Co. Ltd. recently reported a net profit of 46.7 million baht on sales of 852.6 million baht for the third quarter of 1997. While sales were 6.1% lower than the same period in 1996, net profit was 59.3% lower because of the increasing costs of fuel and raw materials. The company also reported a loss of 35.4 million baht after tax from a small amount of unhedged foreign-currency borrowing. Excluding the foreign exchange loss, net profit would have been 82.1 million baht, 28.4% lower than last year. For the nine months to September, sales were 2.645 billion baht, 7.5% lower than the same period last year. Net profit of 242.7 million baht, including a 63-million-baht foreign exchange loss, was down 38.2% on the 1996 nine-month figure. Managing director Prasert Maekwatana said better fourth-quarter results should come from the realisation of price increases, reduced foreign exchange losses and more cost controls.