Thoresen Thai Agencies Rewards Baht 1.65 Per Share Dividend to Shareholders / Approval of Four New Vessels To Continue Fleet Renewal Plan
Thoresen Thai Agencies Public Company Limited ("TTA") posted a net profit of Baht4,968 million for financial year 2007, an increase of42% from the previous year.An annual dividend of Baht 1.65 per share was approvedfor payment. Also approved during the Annual General Meeting of Shareholders wasthe acquisition of four new vessels worth over Baht 5,000 millionas part of the Company's expansion plans.
M.L. Chandchutha Chandratat, Managing Director, TTA's disclosed that for the financial year that ended on 30 September 2007, TTA achieved total revenues of Baht 21,319 million, an increase of Baht 4,265million, or 25% from the year before.
The net profit of Baht 4,968 million for 2007 increased 42% due to strong conditions in the dry bulk shipping and offshore service markets. US$ 170 million of convertible bonds were issued last year to finance expansion plan. TTA also raised SGD 246 million upon listing its Dry Bulk Shipping Group's majority-owned subsidiary, Mermaid Maritime Public Company Limited ("Mermaid") on the Singapore Exchange ("SGX").These funds will be used to expand Mermaid's fast growing sub-sea engineering and drilling businesses,in order tofurther diversify the group and achieve higher net profit contributions from non-dry bulk shipping operations.
Because a Baht1.65 per share dividend was approved by shareholders and Baht 0.75 per share was already paid on 14 June 2007,theremaining Baht 0.90per share will be distributed to shareholders on 25 February 2008. The share register will close on 8 February 2008.
"TTA's plan to build four new vessels at a cost of Baht 5,319,495,680 (USD 157,568,000) is in line with TTA's present businessstrategy of maintaining our established position and further expanding our presence in the dry bulk shipping niche market,"stated M. L. Chanchutha.
The shareholders elected four directors to serve on the Board. M.R. Chandram S. Chandratat, M.L. Chandchutha Chandratat, and Mr. Sak Euarchukiati were re-elected for another term. Ms. Joey Horn was appointed to replace Mr. Lance Karl Depew.
TTA is a leader in the dry bulk shipping industry, providing liner andcharterservices,and is a major player in Southeast Asian offshore services including sub-sea engineering and drilling.TTA is amongst the top 50 companies listed on the Stock Exchange of Thailand and was just awarded Asiamoney's Best Managed Company in Thailand (mid-cap) for 2007 that recognizes overall performance, vision and strategy, corporate governance, and focus on shareholder value and operational efficiency.