TTA cuts losses in Q1, remains upbeat | Bangkok Post: business

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TTA cuts losses in Q1, remains upbeat

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The SET-listed Thoresen Thai Agencies Plc (TTA) reported a turnaround in the first quarter of its 2013 fiscal year.Its net loss fell sharply to 138 million baht from 560 million in the same period of the previous year. 

Revenue totalled 4.18 billion baht for the three months to December, an increase of 23%, due mainly to its shipping unit and better utilisation of Mermaid Maritime Plc, which operates offshore oil and gas services.

Executive vice-chairman Chalermchai Mahagitsiri said the net improvement resulted from stronger performances at TTA's three main non-shipping units as freight rates in the dry-bulk shipping industry continued to fall.

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