Consolidated Performance Highlights

The first quarter is generally a low season for most of businesses. In 1Q/19, revenues increased 19%YoY to Baht 3,706.6 million, driven by higher demand under Shipping and Offshore Service Segments. Revenues decreased 5%QoQ due to seasonality. Shipping, Offshore Service, Agrochemical, and Investment Segments contributed 46%, 22%, 15% and 17% to the consolidated revenues, respectively. Accordingly, gross profits amounted to Baht 662.4 million, increasing 8%YoY and decreasing 14%QoQ. EBITDA also increased 29%YoY to Baht 267.1 million, and EBITDA margin remained stable YoY at 7%. Finance cost increased to Baht 127.0 million mainly from the issuance of debentures in late 1Q/18 and 4Q/18. In 1Q/19, Offshore Service Segment was back in postive EBITDA as vessel utilization rate had improved while Shipping Segment maintained its outperforming position by achieving average TCE 20% above the net market TC rate. In summary, TTA reported a consolidated normalized net loss of Baht 80.3 million, improving 23%YoY, and consolidated net losses of Baht 91.9 million in 1Q/19.

Performance Summary