Eastern Polymer cuts revenue target but confident of jump in profits
Eastern Polymer Group (EPG) has revised downward its revenue target for fiscal year 2019-20 (ending March 2020) to between 5 per cent and 6 per cent from the previous target of 8 to 10 per cent, due to the global economic downturn and the impacts of trade wars.
The company's chief executive officer, Pawat Vitoorapakorn, also blamed the strengthening baht for the revision.
Of its total revenue, 69 per cent comes from the international markets.
The company, however, is confident of posting a higher net profit, thanks to a significant decrease in raw material cost and a more efficient production process.
The company has also suspended its merger and acquisition plans due to the volatile global economy, he added.
EPG operates as a holding company, investing in the polymer and plastic conversion business.
According to its operating results for the seconf quarter of fiscal 2019-20 (July 1 to September 30), the company's net profit rose 24.5 per cent year on year, from Bt262.1 million in Q2 2018-19 to Bt326.3 million
