BANGKOK (Feb 15, 2:05 p.m. ET) -- Polyplex (Thailand) Pubic Co Ltd said its net profit for the third quarter ended Dec. 31, fell 82 percent year-on-year to Baht260.64 million (US$8.44 million) as PET prices came under pressure from new supplies.

Likewise, consolidated sales declined by 24.45 percent on the year to Bt2.4 billion (US$77.75 million).

However, the company said its lower polyester film selling prices has been partly offset by higher volumes of PET resins, CPP and extrusion coated films.

Total expenses increased by 32 percent to Bt 1.11 billion (US$3.95 million) mainly due to higher raw material cost as well as increase in production volumes.

Net profit for the nine months ended Dec. 31 was Bt1.22 billion (US$39.51 million), down 53.5 percent on the year, as prices remained under pressure throughout April-December.

Sales, however, improved slightly by 0.5 percent to Bt7.81 billion (US$253 million).