Thoresen Thai Q2 net up on freight rates, stock gains

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

17 May 2008

Thoresen Thai Agencies, Thailand's biggest dry bulk shipper, beat market estimates with a 63 percent rise in second quarter profit mainly due to surging freight rates, which sent its shares 3 percent higher. TTA said on Friday it earned a net profit of 2.1 billion baht ($64.81 million) in the three months to March 31, up from 1.29 billion baht a year earlier but down from 2.58 billion baht in the first quarter. The results beat an average forecast of 2.05 billion baht from seven analysts polled by Reuters. TTA's financial year runs from Oct. 1 to Sept. 30. Second quarter revenue rose to 6.6 billion baht, up from 3.75 billion baht last year.
The firm's freight rate rose 73.55 percent to $25,083 per vessel per day in the quarter, it said in a statement.
TTA's quarterly results included a foreign exchange gain of 150.58 million baht, down from the 270 million baht foreign exchange gain of last year.
Thoresen operates 43 dry bulk vessels and owns 55 percent stake in oil drilling firm Mermaid Maritime.

Source: Reuters