BANGKOK, April 21 (Reuters) - Aromatics (Thailand) Plc on Monday returned to a first quarter net profit, with better-than-expected earnings boosted by strong demand and higher chemical prices.
Aromatics, one of Southeast Asia's biggest chemical firms, posted a net profit of 1.39 billion baht ($32.56 million), or 1.46 baht per share, versus a 210 million baht loss in the same period last year.
Analysts had net profit forecasts in a range of 1.0-1.2 billion baht for the first quarter of 2003.
Aromatics makes a wide range of products, mainly para-xylene, benzene, and toluene, used in the fibre, textile, electronics and auto industries.
The company said its average product prices rose by 71 percent year-on-year to $388 per tonne in the first quarter, due to high crude oil prices and higher demand. Its first-quarter sales volume increased by 44 percent to 551,688 tonnes.
Aromatics shares closed at 13.50 baht on Friday after hitting a two-week low last week on worries a recent sharp fall in para-xylene prices could hurt earnings. But the company said the fall should be temporary.
The firm is 50 percent owned by Thailand's biggest oil and gas company PTT Plc . Other major shareholders are Banpu Plc and Siam Cement Plc .
($1=42.87 baht)