Thai Tata Steel sees higher 2007 net profit

Bangkok, Feb 8: Tata Steel (Thailand) , Thailand's largest steel bar producer, said on Thursday its 2007 revenues would rise at least 6 percent to above 20 billion baht (4 million), helped by higher domestic and export sales.

Its net profit for the year would meet analyst forecasts of 852 million baht, up 20 percent, helped by higher steel prices and lower raw material costs secured through shareholder Tata Steel , a company executive told sources.

''We will boost sales volume. Sales this year should exceed 20 billion baht and we think the net profit forecast is achievable,'' president Santi Charnkolrawee said in an interview.

Tata Steel Thailand, 72 percent owned by Tata Steel, had revenues of 18.85 billion baht in 2006 and a net profit of 708 million baht.

Two analysts polled by Reuters Estimates expected the company to have revenues of 20.4 billion baht in 2007, up 8 percent.

At the midday break, Tata Steel shares were up 0.84 percent at 1.20 baht and the stock market index was 2.14 percent higher.

REUTERS

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