PTL posts upsurge in Q1 profit

Stocks and Financial Services Press Releases Tuesday August 11, 2020 17:04
Bangkok--11 Aug--MT Multimedia
The flexible packaging industry witnessed an increase of 30-40% in demand for PET thin film in Q1. Flexible packaging accounts for approximately 70-75% of PTL revenues.

As a result, Polyplex (Thailand) Plc (PTL)’s normalized net profit in Q1 2020-21 (April 1-June 30, 2020) surged by 40% to 818 million baht (YoY), propelled largely by this increased demand for polyethylene terephthalate (PET) film which allowed for selling prices to hold steady while raw material prices declined.

Demand growth in the second quarter is expected to be healthy, however not at the same levels as the first quarter as the pandemic related panic buying has eased. There is still a steady reliance on plastics for their barrier properties when it comes to food and hygiene related products in consumer goods and the company remains confident of outperforming the industry performance, PTL Managing Director Amit Prakash said.

The PET film industry also saw a drop in demand for Thick PET film in industrial application mostly tied to discretionary goods and spending. However this is expected to pick up with the upcoming economic recovery. The revenues from film sold into industrial applications account for around 25-30% of PTL’s portfolio.

PTL’s financial performance is bolstered by the company’s strong position as the world’s fifth largest PET film producer and its judicious mix of standard and specialty films, effectively coupled with an extensive and stable customer base and its focus on innovation.

PTL has earmarked about US$90-100 million to increase output and upgrade its production capacities in Indonesia, Thailand and Turkey, while ensuring that the company’s US plant achieves maximum cost-effectiveness and efficiency.


Latest Press Release

KBank collaborates with the Court of Justice in developing an electronic fee payment system

Mr. Silawat Santivisat (right), KBank Senior Executive Vice President, and Mr. Sarawut Benjakul, Secretary-General of the Office of the Judiciary, signed an agreement on the development of an electronic fee payment system, with the aim of facilitating...

Tokio Marine Indonesia Implements Shift Technology to Fight Auto Insurance Fraud

Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, today announced that PT Asuransi Tokio Marine Indonesia ("Tokio Marine Indonesia") has deployed Shift Technology's ("Shift")...

CKPower Still Going Strong: Nam Ngum 2 Debentures Rating “A/Stable” by TRIS Rating Sold Out as Water Inflow Continues

Mr. Thanawat Trivisvavet, the Managing Director of CK Power Public Company Limited (CKPower) and a Director of Nam Ngum 2 Power Company Limited (NN2), stated that the Nam Ngum 2 Company has recently issued debentures (Non-subordinated, Unsecured type) of...

Industry's First Financial Service Model Oriented to "Intelligent Things", SPD Bank and Huawei Release Bank of Things White Paper

At HUAWEI CONNECT 2020, Pan Weidong, President of Shanghai Pudong Development Bank (SPD Bank), and David Wang, Huawei Executive Director and Chairman of the Investment Review Board, released the Bank of Things White Paper. The White Paper first proposes...

ธนาคารกลางอินเดีย (RBI) อนุมัติในหลักการให้ Vakrangee Limited จัดตั้งและดำเนินงาน Bharat Bill Payment Operating Unit

Vakrangee Limited (VL) ได้รับการอนุมัติในหลักการจากธนาคารกลางอินเดีย (RBI) ให้จัดตั้งและดำเนินงาน Bharat Bill Payment Operating Unit (BBPOU) ภายใต้กฎหมาย Payment and Settlement Systems Act ปี 2007 ซึ่งทำให้ Vakrangee...

Related Topics