Berli Jucker, the Thai flagship of conglomerate First Pacific Co, yesterday said net income slumped 37 per cent to 384.4 million Thai baht (about HK$68.92 million) last year, hurt by foreign exchange losses.
The company booked a foreign exchange loss of 165.1 million baht in its accounts, as the Thai currency lost half its value over the year.
Excluding the effect of the baht's flotation, net income dropped a more moderate 8.7 per cent to 549.6 million.
Commenting on the results, Berli Jucker president Adul Amatavivadhana said conditions would remain difficult into this year, although the group should remain profitable overall.
'It is too early to indicate whether net profit will be higher or lower than in 1997,' he said.
'We will benefit, however, from the fact that we have a broad range of largely essential products that are well placed within their markets.' Berli Jucker's four core business lines - consumer products, technical products, packaging and engineering - all suffered from the sharp decline in the baht over the year.
