BANGKOK, April 27 (Reuters) - Thailand's National Petrochemical Plc said it may cut its 2003 revenue estimates if chemical prices were dented further by falling demand from areas most hit by the deadly flu-like SARS virus.
"China and Hong Kong are main customers of olefins. If the SARS situation prolongs, we have to revise our revenues forecast," Managing Director Viroj Mavichak told reporters late on Saturday.
He said prices of key olefins products had been affected by the Severe Acute Respiratory Syndrome (SARS) virus, which has killed about 290 people and infected more than 5,000 worldwide since it emerged in southern China late last year.
He said the May forward contract for olefins declined more than 40 percent to below $400 per tonne, from February.
But for the year as a whole, Viroj said he expected average olefins prices at $417 per tonne, stable from last year.
National Petro is Thailand's largest chemicals firm by market capitalisation. It makes olefins, ethylene and propylene, raw materials for producing plastic pellets used by several industries, including auto parts and electrical appliances.
National Petro has forecast flat revenues from about 13 billion baht ($302.4 million) posted last year.
The company is building a $130 million plant to produce high-density polyethylene, with an annual capacity of 250,000 tonnes.
Company vice president Somsak Keerativutisest said he expected National Petro's sales and net profit to reach 20 billion baht and five billion baht respectively by 2006 after the new plant begins operations next year.
National Petro posted net profit of 1.37 billion baht in 2002. It is 37.94 percent owned by Thailand's largest oil and gas firm, PTT Plc , with Siam Cement Plc , the biggest industrial conglomerate holding 24.97 percent.
On Friday, National Petro shares ended unchanged at 51 baht, while the overall Thai stock market slipped 0.32 percent.
($1=42.99 Baht)