Automotive parts maker Ingress Corporation Bhd expects its operations in Thailand to post an annual revenue growth of between 30 per cent and 50 per cent over the next few years following an increase in the customer base.

This is in contrast to a five per cent drop in turnover in 2002, which was partly due to the weak global demand for vehicles.

Ingress Vice Chairman Rameli Musa tells theedgedaily.com on April 22 that its Thai operations will have the high growth rate because Ingress Autoventures' Co Ltd has secured two new customers including Honda unit in Thailand.

Rameli is confident Ingress Autoventures' revenue will pick up significantly because it has already secured three contracts to supply parts such as door frames and moulding for Honda.

"If we win another contract (from Honda), we might need to build a new plant," he tells a business seminar organized by the Federation of Malaysian Manufacturers of Ingress investment experience in Thailand.

Citing a source from Thailand Automotive Industry Journal, Rameli noted the total vehicle production in Thailand is expected to rise almost 20 per cent this year to 700,000 units from 584,957 units in 2002. It will further rise to 800,000 units in 2004.

"Our growth rate is higher than the automotive industry growth (in Thailand)," he said.

On the fall in revenue last year, Rameli explains that it is a "discount drop" due to a fall in world demand. Ingress Autoventures' revenue fell from 190.2 million baht (RM17 million) in 2001 to about 181 million baht (RM16.2 million) in 2002.

However, he says its revenue would increase to about 340 million baht this year, and this is projected to exceed 500 million baht in 2004 and 700 million baht in 2005.

To accommodate the increasing demand, Ingress Autoventures has already increased its manpower to 203 persons from 184 persons in 2002. The company is expected to have 241 employees by year-end.

According to Rameli, Ingress had invested a total of 523.45 million baht since its operations were established in Thailand in 1996. Ingress is expected to invest another 375 million baht (RM33 million) in its Thai operation this year.