The International Engineering Public Company Limited or IEC announced its operating results in Q3/15. The company had a net profit of 1.71 million baht; compared to Q3/14 the net profit has declined about 9.8 million baht. However, the nine-month period operating results which the company and its subsidiaries have accumulated profit about 41.30 million bath increasing from the first nine months of 2014 about 15.54 million baht.
The Performance in Q3/15 is lower than expectation due to 1) IEC has invested in various projects increased Resulting in the company employed additional staffs to support the expansion of the business. Thus, administration expenses increased by approximately 9.5 million baht 2) IEC finance costs increased due to the effect of debt from financial institutions, deriving from the acquisition of waste biomass power plant of IEC Sa Kaeo 1 since October 2014. From the above reasons, the net profit of the company decreased by 9.80 million baht.
However, the IEC is in the final stages of the installation phase one of six production lines at the Raying waste plastic plant. When the production lines are running at full capacity, they will produce PE polymers commercially approximately 100 tons per day in early December 2015. The IEC plans to install full 16 production lines, representing a total capacity of 300 tons per day in Q2 2016.
Recently, the IEC has planned to sell the PE polymers including domestic companies and international exports for example Malaysia, Hong Kong, Japan and China, which these companies have the demand to purchase large quantities of the IEC PE polymers.
The IEC waste plastic plant at Rayong will be the biggest recycle plastic plant in Asia, when it operates at a full capacity. Consequently, the IEC is confident that the projects that IEC invested in the coming quarters will result in a gain in the year 2015 and be able to pay dividends to shareholders.
16/11/2015
Source: IEC investor relations