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Tata Steel (Thailand) reports improved results in fiscal 2017

May 18. 2017
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By The Nation

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Tata Steel (Thailand) on Thursday reported a 38-per-cent growth in revenue year on year in the fourth quarter of its fiscal year 2016-17.

Sales volume in the fourth quarter ended on March 31 was 14 per cent higher by 344,000 tonnes quarter on quarter and 9 per cent up year on year. 

Net sales at Bt5.84 billion was 26 per cent higher quarter on quarter and 38 per cent year on year. Sales volume for fiscal 2017 at 1.263 million tonnes was higher than fiscal 2016 by 10 per cent and net sales in fiscal 2017, at Bt19.7 billion, was 18 per cent higher year on year.

Earnings before interest, tax, depreciation and amortisation (EBITDA), at Bt412 million in the fourth quarter was almost at par with the previous quarter and higher by 22 per cent year on year. 

The company has taken one-off adjustments of Bt618 million during the fourth quarter by provision of Bt528 million for impairment of MBF Asset, which remains mothballed since 2011, and provision for obsolescence and write-off of fixed assets and old raw material inventory worth Bt90 million. 

The company has reported a loss before tax of Bt386 million in the fourth quarter compared to profit before tax of Bt256 million in the previous quarter. Excluding the impact of one-off adjustments, the profit before tax for the fourth quarter of fiscal 2017 was Bt232 million.

EBITDA for fiscal 2017 at Bt1.73 billion was higher than the previous fiscal year by 98 per cent and profit before tax for fiscal 2017 at Bt441 million was 97 per cent higher year on year.

During the year, the company reduced its debt by Bt402 million and has cleared all its long-term debt.

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