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TPI EARNINGS DOWN - PRACHAI BLAMES PLANNER THAI Petrochemical Industries (TPI) expected a significant decline in earnings for 2001 - from an original target of $300m to less than $200m, according to company founder and former chief executive Prachai Leophiratana. He alleged the company`s lower earnings before interest, tax, depreciation, and amortisation (Ebitda) could be partly blamed on mismanagement by its rehabilitation planner Effective Planners (EP). Prachai claimed the court-appointed planner, whom he waged bitter court battles against for much of last year, had run both the company`s petrochemical and oil businesses `improperly`. For its oil operations, EP had allegedly used a price-cutting strategy to sell refined oil at Bt0.25 a litre cheaper than the lowest market wholesale price set by major oil companies. "As for petrochemical (products), EP imports some ethylene which even we can produce at our plant. Due to its poor expertise in the petrochemical business, TPI`s cracker unit is shut down sometimes while imports come into the country," he said. TPI`s refinery was now running at a capacity of 50,000 barrels per day, significantly below its maximum capacity of 200,000 bpd, he alleged. TPI, like other petrochemical producers, had also been adversely affected by the declining global price of oil. Executives at Effective Planners were not able to be reached for comment. In yet another move to "survive", Prachai yesterday met Industry Minister Suriya Juengrungrueng hit to discuss the possibility of TPI`s debt being included in the government`s Central Asset Management Corporation (CAMC). Speaking after the meeting, Suriya said Prachai requested the government to consider offering incentives to its creditors, led by Bangkok Bank, to move its debt rehabilitation out of the court arena and included under the CAMC structure. However, Suriya played down Prachai`s proposal. "We have no authority to remove the case out of the court and offer special treatment to specific company. It is the duty of TPI itself to negotiate and motivate its creditors to do that." BY Nareerat Wiriyapong The Nation. LAST MODIFIED: Tuesday, 20-Mar-01 09:04:53 EST |
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| aus der Diskussion: | Waste or make money in Thailand |
| Autor (Datum des Eintrages): | BodyG (21.03.01 08:25:57) |
| Beitrag: | 572 von 611 (ID:3142358) |
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