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from 2003, higher than the percentage increase of sales revenue, gross profit reduced 96.31 million Baht or 24.01% from 2003 to 304.89 million Baht in 2004 while a net profit of 134.15 million Baht, down by 82.76 million Baht or 38.15% from 2003 . Other major components and changes in financial statements are as follows:Revenues Revenue from sales: In 2004 sales in value was 4,244.42 million Baht, up 27.03% from 2003 with 15.66% increase of sales volume and 11.37% increase of average selling price per metric ton. The Company maintained an income structure similar to 2003 with vegetable oil accounting for 90.12% of the total sales value. Domestic sales, which contributed 86.85% of total sales, increased by 17.92% while export sales was up 158.69% from 2003. On a group basis, the Company’s sales in 2004 amounted to 5,080.92 million Baht. Other revenues: Revenues other than those generated by normal operation comprised 0.85% of total revenues or 36.97 million Baht. Major items included profit from sales of land and gains on disposal of scrap. Profit sharing from investment in subsidiaries: Profit sharing from investment in subsidiaries recorded at 81.77 million Baht, increasing by 17.27 million Baht from 2003. This was contributed by:- profit sharing from UPOIC amounting to 91.39 million Baht, an increase of 26.88 million Baht or 41.67%; - loss sharing from UFC amounting by 9.61 million Baht; this was mainly due to provision for stock obsolescence, allowance for doubtful accounts, and allowance for loss on asset impairment amounting to 22.72, 4.65, and 7.7 million Baht respectively. Expenses Cost of sales: Cost of sales increased by 999.43 million Baht or 33.99% from 2003 to 3,939.53 million Baht in 2004. The average price of CPO increased by 17.86 % from 2003, arising from intense competition among crushing mills and refineries for the purchase of FFB. This led to high price of FFB and CPO, the major raw materials of the Company. Selling and administrative expenses: Selling and administrative expenses in 2004 was 256.31 million Baht compared with 207.67 41

Lst 04  

LST_2004 LAM SOON (THAILAND) PCL Annual Report 2004

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LST_2004 LAM SOON (THAILAND) PCL Annual Report 2004

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