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AAPICO Hitech slashes revenue target on weak sales

August 20, 2008

AAPICO Hitech slashes revenue target on weak sales

Thai auto parts firm AAPICO Hitech had cut its revenue growth target for 2008 to 5 percent, lower than analysts' forecasts, from 15 percent, due to weak vehicle sales in the domestic market, reported Reuters.

"We are aiming for 5 percent growth in sales this year. This is relatively good, given that vehicle sales in Thailand are not very good," President Yeap Swee Chuan was quoted as telling reporters.

The company expected to make a profit this year due to cost-cut measures, and planned to spend 2 billion baht ($59 million) to upgrade plant and machinery in 2008-2009, Yeap said, without giving a specific earnings forecast.

Six analysts polled by Reuters Estimates forecast that 2008 revenue would grow 10 percent to 10.2 billion baht. Net profit was expected to be 422 million baht, up 20 percent.

In the first half of this year, the company made a net profit of 130 million baht.

AAPICO produces auto parts and car frames for global car makers including Toyota Motor Corp and Honda Motor Co, which have manufacturing bases in Thailand.

AAPICO shares ended down 1 percent at 9.70 baht on Tuesday, while the main Thai index .SETI was 0.85 percent lower.

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