Union Mosaid Industry Plc. (UMI) reported its reviewed quarterly
financial statements as follows:
(In Thousands)
Ending September 30
3rd Quarter For 9 Months
1996 1995 1996 1995
UMI
Net profit(UMI) (60,094) 26,653 (130,042) 63,065
EPS (Bt) (1.88) 0.83 (4.06) 1.97
UMI clarified the sharp fall in its Q3/1996 performance as follows:
1. Overall economy was not nourishing to construction business,
particularly the oversupply in residence sector. Ceramic industry, as
well, faced high competition. Although demand rose, production capacity
increased in higher scale, so the company had to use price strategies.
2. The company had to give more support its sales tasks, particularly
sales promotion, in order to be competitive, so this part of expenses rose.
