Bangkok--3 Dec--Neo Traget
Thoresen Thai Agencies Public Company Limited (“TTA”) posted a record-breaking net profit of Baht 8,776 million for fiscal 2008. Strong freight and day rates, and optimal utilisation in dry bulk shipping and sub-sea engineering businesses boost profitability.
M.L. Chandchutha Chandratat, Managing Director of TTA, revealed that, “total revenues and net profits for the financial year that ended 30 September 2008 were Baht 35,382 million and Baht 8,766.44 million, including exchange gains of Baht 236.32 million. The earnings per share of Baht 13.63 represented a 76.87% growth as compared with the corresponding period in 2007. Both revenues and net profits were the highest ever recorded since TTA’s inception.”
Cash and cash equivalents rose by Baht 7,782.64 million in fiscal 2008. TTA spent Baht 2,976.34 million on core investing activities, including instalment payments on three new dry-bulk vessels, one drilling rig, and dry-docking payments. The Company also repaid Baht 1,470.20 million in debts and borrowed Baht 324.69 million in new debts.
The Dry Bulk Shipping Group has been able to secure period time charters in 2009 for 8.07% of our available capacity at an average freight rate of US$17,673 per day and locked 3,240 vessel days on contracts of affreightment at an average freight rate of US$23,000 per day,” said M.L. Chandchutha.
As for the offshore services group in fiscal 2008, Mermaid Maritime Public Company Limited (“MMPLC”) recorded revenues of Baht 5,285.44 million, an increase of 27.94% from fiscal 2007, and net profits of Baht 1,002.31 million, excluding exchange gains, representing an increase of 139.33% from fiscal 2007.
The sub-sea engineering group demonstrated a strong performance, including higher day rates and higher utilisation of the sub-sea assets. The sub-sea engineering vessels continue to be in short supply throughout the region, and combined with term contracts at near-record high day rates, will contribute to the future business of the Company.
The drilling segment also has a bright business outlook, as we focus on the more stable production side, rather than exploration, of the oil and gas business.
“The shipping services segment recorded a net profit contribution to TTA’s financial results of Baht 253.14 million (after deducting minority interests) excluding exchange losses. Excluding variable compensation accruals, the net profit contribution increased by 57.38% between fiscal 2007 and fiscal 2008. Thoresen Shipping FZE made the highest net contributions, followed by Fearnleys (Thailand) Ltd., benefiting from strong freight market conditions. These contributions were offset by no dividend and profit sharing payments from Sharjah Port Services LLC in the 2008 Financial Year,” said M.L. Chandchutha.
TTA is a leader in the dry bulk shipping industry, providing liner and charter services, and is a major player in Southeast Asian offshore services through MMPLC. TTA is amongst the top 50 companies listed on the Stock Exchange of Thailand with high liquidity.
For more information please contact :
Neo Traget.Co.,Ltd.
Ms.Narueporn Cheevanuntapornchai / Ms.Nannapat Sukpreedee
Tel.0-2631-2290 to 5 Ext.307 / 306 Fax.0-2234-6192 to 3
Email: [email protected] / [email protected]