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Baht/$ 34.08/10 (Bid/Ask)
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GOLD |
12,800
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IN Brief
FINANCE :PTT Plc is considering issuing baht-denominated bonds to fund long-term investments and cut financial costs, according to Penchun Jarikasem, executive vice-president for corporate finance.
The US sub-prime crisis had made credit from abroad more expensive, and while PTT earned most of its revenue in dollars, its dollar-denominated debt was small.
"As a result, it becomes a risk that needs to be managed by matching the currencies of revenue and debt expense to be as equal as possible," Miss Penchun said.
The company has not finalised its plan but sales to existing bondholders would be the priority, she said.
PTT recently swapped existing baht-denominated bonds worth seven billion baht into US$208 million, reducing its debt-service rate to 5.5% from 6.7% and cutting financial costs by 80 million baht a year.
Currently PTT has 100 billion baht in bonds held by 17,000 investors.
PTT shares closed yesterday on the Stock Exchange of Thailand at 270 baht, down two baht, in trade worth 760.3 million baht.
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RATCH dividend
ENERGY :Ratchaburi Electricity Generating Holding Plc (RATCH) will pay an interim dividend from first-half results of 1.10 baht per share despite a decline in earnings.
The country's largest private power producer posted a consolidated net profit in the first half of 2.97 billion baht, down 29% from the same period last year, on sales of 10.3 billion baht, down 10.5%.
The dividend payment, totalling 1.595 billion baht on 1.45 billion common shares, is paid from net income derived from the corporate tax exemption. Therefore, shareholders will not be entitled to a tax credit on the dividend.
The dividend will be paid on Sept 12, with the shareholders' register book for the right to receive the dividend closing on Sept 2.
RATCH shares closed yesterday at 38.25 baht, unchanged, in trade worth 31.42 million baht.
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KMC back in black
PROPERTY : Krisdamahanakorn Plc (KMC) yesterday reported its first quarterly profit in almost two years.
The property developer earned 67 million baht in the quarter, compared with a net loss of 104 million a year earlier. First-half net profit was 38.9 million baht against a loss of 187.8 million in the same period last year.
KMC shares closed yesterday at 0.44 baht, up two satang, in trade worth two million baht.
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Baht not a concern
CURRENCY : The baht's recent depreciation is not worrisome as it continues to move in line with regional currencies, says Tarisa Watanagase, the governor of the Bank of Thailand.
The baht has weakened from 33.65 at the beginning of August to 34.08 to a dollar yesterday, amid the poor performance of the stock market. The baht stood at 33.60 at the beginning of 2008 but rose as high as 31.27 in mid-March.
"It is all right so long as the baht moves in line with regional currencies," Dr Tarisa said.
She said the central bank would intervene in the market if the baht deviated from regional trends.
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14-day yield 3.5%
DEBT MARKET : The Bank of Thailand yesterday auctioned 80 billion baht worth of 14-day notes for an average yield of 3.49895% with bid coverage of 1.01 times. Also sold were 20 billion baht in two-year bonds for an average yield of 3.8815% with bid coverage of 2.29 times.
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