TPI Polene expects to beat 2008 forecasts

TPI Polene expects to beat 2008 forecasts
Published: 16 July 2008

TPI Polene, Thailand’s third largest cement firm, said on Tuesday it expected higher second-quarter and full-year net profit.
Vice President Prasit Chansitthichok did not give a specific forecast, but he expected to beat last year’s 2.33 billion baht ($70 million) net profit.
He said second-quarter earnings should top the 878 million baht reported in the same quarter a year ago.
"We’re confident our earnings this year will be higher than last year," Vice President Prasit Chansitthichok told Reuters.
Broker Asia Plus Securities said in a research note it expected second-quarter net profit to fall to THB345m, due partly to a foreign exchange loss.
Prasit said the refinancing of THB8bn (US$238m) of debt was on track for this year after several delays.
The latest hurdle was a 6.9 billion baht fine imposed in December after the company was found guilty of stock manipulation in 2004. It is appealing against the fine.
Prachai Leophairatana, whose family founded the company in which it holds a 55 per cent stake, was sentenced to three years in jail in December, against which he is appealing.
Prasit expected revenues to grow 16.3 per cent this year to THB29bn, with about two-thirds from cement and ready-mixed concrete and remainder from plastic resin.
"The growth is coming more from the plastic resin business than the cement business," Prasit said.