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Published on October 25, 2007

TPIPL made a profit of Bt735.56 million in the same period last year.

President Prateep Leopairut said in a statement to the Stock Exchange of Thailand yesterday that the company had recorded a foreign-exchange loss of Bt71 million, compared to a forex gain of Bt368 million in the same period last year.

The company's stock closed at Bt15.80 yesterday, up 1.94 per cent on the day.

TPIPL said consolidated sales revenue and overall revenue in the third quarter were Bt6.98 billion and Bt7.32 billion respectively, compared to Bt6.03 billion and Bt6.88 billion in the same period last year - increases of 15.78 per cent and 6.33 per cent.

Consolidated earnings before interest, tax, dividend and amortisation in the third quarter were Bt988 million, compared to Bt1.02 billion in the same period last year, a decrease of 3.01 per cent.

Normal operating profit in the quarter increased 6.4 per cent to Bt558 million from Bt524 million a year ago. This was mainly attributable to a decrease in interest expenses.

For the first nine months, TPIPL made a consolidated normal operating profit of Bt1.83 billion compared to Bt1.16 billion in the same period last year, an increase of 58.38 per cent. Net profit was Bt2.1 billion compared to Bt2.21 billion a year earlier.

The company made a gain on foreign exchange of Bt319 million in the first nine months, compared to Bt1.45 billion the previous year - a decrease of 78.01 per cent.

As of September 30, the book value per share was Bt25.14.

Kim Eng Securities (Thailand) said in a report released yesterday that it expected TPIPL's 2007 earnings to reach Bt2.53 million due to a number of factors, including accrued default interest payables amortised within one year totalling Bt517 million, extra items from the tax shield, which will save about Bt556 million in taxes, and a forex gain.

The brokerage firm anticipates 2008 earnings prospects to be positive with sales, driven by cement prices, expected to increase 5 per cent to Bt26.22 billion.

"We forecast 2008 net profit at Bt2.154 billion (earnings per share of Bt1.07), down 15 per cent from 2007," Kim Eng said.

Kim Eng then upgraded TPIPL's recommendation to "hold" from "sell", with a fair value of Bt16 per share - up from the previous Bt15.

The Nation