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Thoresen Thai reports 'satisfactory' Q1 loss of $15.2m

Thoresen Thai reports 'satisfactory' Q1 loss of $15.2m
Thoresen Thai Agencies (TTA) slumped to a net loss of THB510.2m ($15.2m) in the first quarter of 2015, which it described as “satisfactory” given tough market conditions.

The loss Q1 2015 compared to THB253.3m net profit on the same period last year. Revenues were down 7% year-on-year at THB4.57bn.

Commenting on the results Chalermchai Mahagitsiri, president and ceo of TTA said: “The first quarter of each year is normally a low season for TTA due to the cyclical nature of its businesses. Nevertheless, there was a slight decline in total revenues with a net loss, compared with the same period of last year. But such results continued to be satisfactory and perhaps were better than expectation.

TTA’s dry bulk shipping business saw Q1 2015 revenues down 5% year-on-year at THB1.75bn. “Despite the plummet of the dry bulk market affected by the China’s new policy to reduce coal and iron ore imports, Thoresen Shipping’s performance had outperformed the market thanks to its well-managed operation,” the company said.

Offshore arm Mermaid Maritime also reported a 5% drop in revenues in Q1 2015to THB1.98bn. “The losses in this quarter were mainly due to the planned dry docking maintenance of the three largest subsea vessels of Mermaid during the monsoon season,” said Mahagitsiri.