TPI Polene swings to 2008 net loss

TPI Polene swings to 2008 net loss
Published: 29 January 2009

TPI Polene of Thailand said Thursday it swung to a net loss of THB5.45bn (US$56.1m) in 2008 from a net profit of THB2.33bn the previous year, due mainly to a fine of THB6.90bn stemming from a stock manipulation conviction.

Thailand’s third largest cement maker posted sales of THB25.71bn in 2008, up 3.1% from a year earlier.

The company booked THB383.7m in foreign exchange translation losses, compared with THB399.8m gains in 2007.

Thailand’s Criminal Court found TPI Polene and its founder, Prachai Leophairatana, guilty of stock manipulation in December 2007, and slapped the company with a THB6.9bn fine.

The company has said it plans to file an appeal in the case.