Thailand: SITHAI's 1Q06 earnings growth of 15% yoy.

(From Thai Press Reports)

Section: Stocks - Srithai Superware (SITHAI) reported a satisfactory 1Q06 net profit of Bt89mn or an EPS of Bt0.31, a rise of 15% yoy. Without a forex loss of Bt5mn, the company would have recorded normalised earnings of Bt93mn or a norm EPS of Bt0.33, growth of 21% yoy. The key earnings driver was higher purchasing power pushed by the SML project and adjusted sales prices of both plastic and melamine products. Meanwhile, plastic pellet raw material prices are still high in line with high oil prices. The resulting gross margin has dropped slightly to 21.1% from 21.8% in the same period of last year.

2Q06 earnings will be flat due to …