Thai Sugar Firm KSL Sees 2008 Sales up, Nov Bonds

Bangkok, Sept 19 - Thailand's Khon Kaen Sugar Industry (KSL) said on Thursday it expected revenue for its 2008 business year (November-October) to exceed 10 billion baht ($292 million), thanks to strength in its sugar and ethanol business.

The country's fourth-biggest sugar firm planned to spend 4.0 billion baht in fiscal 2009 to expand its core businesses, financed by bonds and bank loans, financial executive Chanachai Chutimavoraphand told reporters.

"We are submitting the bond issuance plan to the Securities and Exchange Commission. The size should be 2 billion baht and it will be sold early November," he said.

The bonds would be issued in two tranches, with three-year bonds worth 1.5 billion baht and five-year bonds worth 500 million baht, he said.

Its revenue for the first nine months was 8.3 billion baht. Four analysts polled by Reuters Estimates have forecast 2008 revenue of 9.48 billion baht.

KSL was expanding its ethanol plants, sugar mills and building a second power plant, worth a combined 5.5 billion baht and due to be completed early 2010, he said.

It operates four sugar plants in Thailand, an ethanol plant with daily production capacity of 150,000 litres (26,400 gallons) and a 30-megawatt power plant.

source:flexnews