Thoresen Thai Agencies has moved back into profit in the second quarter of the year after recording a loss during the first quarter, the company said in a statement released on 17 August.
However, the Thai shipping and commodities group’s results were held back by a poor performance in the diversified companies shipping segment.
Net profit was THB135.4 million (USD3.8 million), compared with a net loss of THB288.3 million recorded in the first quarter of this year.
The figure was down, however, 47% compared with the second quarter of 2014, when the company posted a net profit of THB254.6 million.
Total revenue for the quarter beginning on 1 April and ending on 20 June was THB5.9985 billion, representing a year-on-year rise of 13 %, or 31% over the previous quarter.
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Thoresen Thai Agencies acknowledged that the company’s subsidiaries – Mermaid Maritime and PMTA and investment in Sino Grandness – helped it produce better results.
With the world economy weighing down the timecharter equivalent rate the depressed market significantly limited the opportunity to win contracts for chartered-in vessels, which led to a second quarter net loss of THB103.2 million, it added.
However, the company is more optimistic about the rest of the year.
It hoped “to see recovery in the second half-year as the TC rate has been on the rise since July”, its statement said.