Consolidated Performance Highlights

During the low season and COVID-19 pandemic in 1Q/20, revenues decreased 21%QoQ and 11%YoY to Baht 3,295.8 million. Shipping, Offshore Service, Agrochemical, and Investment Segments contributed 38%, 21%, 22% and 19% to the consolidated revenues, respectively. Gross profits decreased 32%YoY to Baht 448.5 million, mainly from lower performance of Offshore Service Segment resulting from the scheduled drydocking, the impact of COVID-19 pandemic on vessel movement, and the rescheduled project. As TTA adopts TFRS 9: Financial Instruments, derivatives have to be valued at fair value through profit or loss at each reporting date; therefore, there was an unrealized loss from change in fair value of derivatives of Baht 140.8 million, mainly from bunker swaps as the market price of bunker decreased significantly at quarter-end. There was also a loss on investment of Baht 195.0 million. Therefore, EBITDA decreased YoY to Baht (290.9) million. Meanwhile, Shipping Segment continued to outperform; TCE rate outperformed net market TC rate by 25%, but was lower by 13%YoY due to the disruption caused by COVID-19 pandemic on shipping activities. Agrochemical Segment had continued to be profitable and had less exposure to the disruption as fertilizer is essential for agricultural products, which are major basic needs for human. Offshore Service Segment had a scheduled drydocking for one subsea vessel in this quarter. The movement of such vessel had been impacted by the government-imposed lockdown and quarantine measures against COVID-19. However, to date, the confirmed order book has not been impacted by COVID-19. Additionally, the Pizza Hut business has been profitable for the third consecutive quarter. In summary, TTA reported a consolidated net loss of Baht 459.2 million in 1Q/20.

Performance Summary