Consolidated Performance Highlights

In 2Q/19, revenues increased 9%YoY to Baht 3,680.3 million due to increasing revenues of three main business segments: Shipping, Offshore Service, and Agrochemical, which contributed 40%, 21%, and 24% to the consolidated revenues, respectively. Gross profits increased 1%QoQ to Baht 672.0 million, but decreased 11%YoY, mainly from YoY lower margin of Shipping. Share of profits of associates and JVs decreased YoY as there was an additional adjustment of 1Q/18 booked in 2Q/18 in one associate, and there was a share of loss from another associate affected by growing tension in the Middle East. Meanwhile, EBITDA continued positive at Baht 212.9 million. Shipping Segment has consecutively delivered profits since 2017; its TCE rate outperformed the net market TC rate by 16%, though lower YoY. Agrochemical Segment had a profit turnaround from the last quarter as demand has picked up seasonally, and focus marketing strategies were agressively implemented. Under high competitive environment, Offshore Service Segment’s net loss to TTA improved by 25%YoY as vessel working days and vessel utilization rate increased. In addition, strengthening Thai Baht resulted in losses from foreign exchange in 2Q/19, mostly considered unrealized, compared to gains in 2Q/18. In summary, TTA reported a normalized net loss before gain (loss) from foreign exchange of Baht 91.7 million and a consolidated net loss of Baht 174.3 million in 2Q/19.

Performance Summary