Consolidated Performance Highlights

In 2Q/20, QoQ performance improved from most core businesses, but YoY performance decreased due to the COVID-19 related impact and the mandatory drydocking of the key subsea vessel. Revenues decreased 10%QoQ and 20%YoY to Baht 2,952.0 million for 2Q/20. Shipping, Offshore Service, Agrochemical, and other segments contributed 38%, 17%, 22%, and 23% to the consolidated revenues, respectively. Gross profits increased 10%QoQ to Baht 487.0 million, primarily due to the improved gross profits across all main segments. The gross margin improved from 13% in 1Q/20 to 16% in 2Q/20. EBITDA rose 127%QoQ to Baht 77.2 million. Meanwhile, Shipping’s TCE rate started to rebound in June 2020 and averaged at US$ 7,525 per day in 2Q/20, outperforming the net market TC rate by 44%. One vessel under Offshore Service, which was sent for drydocking in 1Q/20, returned from the shipyard and resumed its operation to help bring up performance. Agrochemical segment achieved a better gross margin QoQ from 20% to 24%. Moreover, the Pizza Hut business has been profitable for the fourth consecutive quarter. In summary, a net loss to TTA improved by 48%QoQ to Baht 240.9 million in 2Q/20.

Performance Summary