Padaeng Industry PCL said it generated a consolidated net profit of THB21.1 million in the second quarter, sharply lower than the THB 134.5 million profit posted last year due to depressed global zinc prices. However, tile result represented a swing to profit after the company posted a THB6 million first-quarter loss due to tile prices and an annual plant shutdown. For tile six-month period, Padaeng posted a net profit of THB 15.1 million, compared with THB402.7 million a year earlier. Padaeng is Southeast Asia's sole zinc smelter with all annual production capacity of around 100,000 metric tolls. Padaeng's major shareholder with a 46 percent stake is Belgium's Umicore SA, formerly known as Union Miniere, one of the world's largest zinc producers, which also produces copper, precious metals, and advanced materials. In a filing to the Stock Exchange of Thailand, Padaeng said "the Inc us ion of a THB 150.9 million gain from deconsolidation of a subsidiary" created a one-off extraordinary gain but also contributed to reducing the company's revenue and profit.
NSTL
