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Published on August 2, 2007

Managing director Anek Wasanasompong yesterday said in a statement the company submitted to the Stock Exchange of Thailand that his company lost Bt27.28 million, or 9 satang a share, versus a net profit of Bt9.5 million in last year's second quarter. In the first half of the year, the company recorded a net loss of Bt21.18 million, or 7 satang a share, against a net profit of Bt39.63 million in last year's first half.

Anek said the company's second-quarter sales also declined Bt55.56 million, or 14.84 per cent, to Bt318.7 million on both lower prices and lower volume.

Cost of sales rose 2.28 per cent, from Bt257.38 million to Bt263.26 million, due to low capacity use and higher raw material prices. That caused the company's gross profit to shrink 52.57 per cent, from Bt116.88 million to Bt55.44 million, representing 17.4 per cent of sales.

Sales and administrative expenses represented 24.35 per cent of sales, up slightly from 25.34 per cent in last year's same quarter. It has used a revised accounting treatment for investment in subsidiaries in its separate financial statement since the fourth quarter of last year.