Refering to the auditor report of Siam General Factoring Plc. at the end of September 2004 and 2003 the company had a net profit Bht. 93.72 million due to the following reasons:
Decrease in factoring income on 29.00% and increase in leasing income on 252.43%.
Increase in inventories finance income and loan income on 63.44% due to loans expansion.
As at 30 September 2004, the company had reversal of allowance for doubtful accounts Bht82.52 million.
Because the Company has received payment from the factoring transferred by an agent established by government agency and audited by The Office of the auditor General of Thailand.
During the second quarter, the company has received payment Bht 77.77 million.
Source: Asia Intelligence Wire
