Bangkok--16 Nov--TTA
TTA recorded a consolidated net profit of Baht 3,544 million in the twelve-month period that ended on 30 September 2006. The Dry Bulk Shipping Group recorded a consolidated net profit of Baht 608.59 million. Excluding exchange gains, Mermaid Maritime Ltd. made a total revenue contribution of Baht 1,019.01 million and a net profit contribution of Baht 65.23 million. The Other Service Businesses Group made a net profit contribution of Baht 56.79 million.
M.L. Chandchutha Chandratat, managing director of TTA, said that TTA recorded a consolidated net profit for the three-month period that ended on 30 September 2006 (the “2006 Fourth Quarter”) of Baht 861.83 million, which included an exchange gain of Baht 160.82 million.
During the three-month period that ended on 30 September 2005 (the “2005 Fourth Quarter”), TTA recorded a consolidated net profit of Baht 1,100.51 million, which included an exchange gain of Baht 48.53 million.
TTA’s consolidated net profit for the twelve-month period that ended on 30 September 2006 (“FY 2006”) equalled Baht 3,544.15 million, a 40.42% decrease from the consolidated net profit for the twelve-month period that ended on 30 September 2005 (“FY 2005”). The decrease in the consolidated net profit was primarily due to lower TC rates, lower vessel days, higher vessel operating expenses, and a stronger Thai Baht currency.
The Dry Bulk Shipping Group recorded a consolidated net profit of Baht 608.59 million, excluding exchange gains. The net profits of the Dry Bulk Shipping Group increased 43.89% between the three-month period that ended on 30 June 2006 (the “2006 Third Quarter”) and the 2006 Fourth Quarter.
The higher net profit was primarily due to higher TC rates. The average TC rate, including contributions from chartered-in tonnage, increased 10.46% from USD 10,471 per vessel per day in the 2006 Third Quarter to USD 11,566 per vessel per day in the 2006 Fourth Quarter.
“Our total fleet cargo volume from 1 October 2005 to 30 September 2006 rose by 7.35% to 14.07 million revenue tons, even though total vessel days fell from 17,217 in FY 2005 to 16,831 in FY 2006, which is equivalent to one less vessel. Based on these cargo volume figures and ongoing client discussions, we believe that freight market demand should remain strong in our current financial year.
The Dry Bulk Shipping Group has already placed 27% of our available capacity on time charters for the current financial year and 13% of our available capacity on time charters for the next financial year, which will provide earnings visibility into next year”, M.L. Chandchutha said.
Offshore Service Business: Mermaid Maritime Limited (“MML”) posted decent quarterly results. The offshore oil and gas markets remain strong, and we expect higher performance from MML in the current financial year. The drilling segment generated approximately 33.24% and 35.04% of MML’s total revenues and profits, respectively. One drilling rig, MTR-1, was off-hire for the last nine days of the 2006 Fourth Quarter due to a scheduled special survey and subsequent relocation from Malaysia to Indonesia. On the other hand, the assets in our sub sea engineering segment had a 70% utilisation rate during the quarter and generated approximately 59.76% and 66.67% of MML’s revenues and profits, respectively. Excluding exchange gains, MML made a total revenue contribution of Baht 1,019.01 million and a net profit contribution (after deducting minority interests) of Baht 65.23 million to TTA’s financial results.
Other Service Businesses: The Other Service Businesses made a net profit contribution (after deducting minority interests) of Baht 56.79 million, excluding exchange gains, to TTA’s financial results. Thoresen Shipping FZE made the highest net contributions.
Excluding foreign exchange gains and minority interests, the 2006 Fourth Quarter marked the second consecutive quarter of higher consolidated net profits for TTA, which demonstrates the benefits of our ongoing diversification strategy.
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