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Thai Fertiliser Firm Sinks in Debt.
Byline: Cholada Ingsrisawang
Jul. 2--The company enjoys substantial state privileges and subsidies, growing market demand and strong public support. But with losses showing little signs of subsiding, it's an open question whether National Fertiliser Plc can survive as a viable business.
The company now faces a massive cash crunch, as banks and shareholders alike have baulked at extending new loans or injecting new capital into the business, which is running at a loss.
Established 20 years ago to produce fertiliser, the company's debt and interest outstanding to creditors tops 10 billion baht. Net losses last year stood at 1.86 billion baht, up from 1.68 billion for fiscal 2000.
For the first quarter, losses stood at 559.7 million baht, up from losses of 532.9 million posted the year before. Sales in the first quarter stood at 435 million baht, nearly half that posted the year before, due to the liquidity crunch.
The cost of goods for the first quarter was 7,644 baht per tonne, compared with 6,811 baht per tonne the year before, with the increase attributed to higher fixed costs as production fell. Interest and administrative expenses also rose year-on-year.
NFC's financial plight has been so dire that even Industry Minister Suriya Juengrungruangkij has said ...
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...minor victory for NFC came in April, when...firm's subsidiary Rayong Bulk Terminal. Creditors...baht in debt for Rayong Bulk Terminal, a firm 56.25 percent held by NFC. The deal, which...up cash flow for Rayong Bulk to service its debt...own dependence on NFC for ...
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...debt restructuring scheme of Rayong Bulk Terminal Co (RBT), a subsidiary of NFC Fertilizer Plc, insisted yesterday...the largest shareholder of NFC with 49 percent, recently called...RBT. Mr Nuttaphob said that NFC, which holds 57 percent in...
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Source: HighBeam Research, Thai Fertiliser Firm Sinks in Debt.