Q1 profits plunge by 48% for SET-listed companies

MARKETS

Listed companies posted first-quarter net profits totalling 80.27 billion baht, a 48% decline from the same period last year, according to the Stock Exchange of Thailand.First-quarter sales totalled 1.35 trillion baht, a decline of 24% from the same period last year.

Of the 468 companies reporting results, 325 posted a net profit and 143 a loss, said SET president Patareeya Benjapolchai.

But profits were up sharply from the fourth quarter of 2008, when listed companies posted a net loss of 83.6 billion baht, said Ms Patareeya.

The technology and communications sector saw the worst year-on-year decline in profit, down 53% to 6.8 billion baht.

The building materials sector posted a 42% fall in net profit to 7.03 billion baht, while the resources and energy sector saw profit slide 39% to 32.58 billion.

Among the top five sectors in terms of profit, only the transport and logistics sector posted a gain from last year, with a first-quarter profit of 9.95 billion baht, up 9% year-on-year.

Thai Airways led all listed companies in net profit by earning 7.86 billion baht, a sharp rise from 2.2 billion last year.

PTT Plc, historically the SET's most profitable company, slipped to second place with a net profit of 7.44 billion baht, compared with 26.13 billion in the first quarter last year.

PTT Exploration and Production ranked third, reporting a first-quarter net profit of 5.7 billion baht, down from 8.9 billion last year.

Companies listed on the SET50, the index's 50 top firms in terms of market capitalisation and liquidity, posted net profit of 83.09 billion baht, down 32% from the year before.