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Banpu posts 'satisfactory' Q1 results despite softening prices
In the first quarter of the year, Banpu recorded a satisfactory performance from its core businesses’ bottom lines despite the world’s softening coal prices, chief executive officer Chanin Vongkusolkit said yesterday.
The company posted a net profit of US$31 million (Bt917.3 million), a decrease of 57 per cent from the same period last year. The decline in net profit was caused by a decrease in the average selling price (ASP) of coal to $76.91 per tonne from $92.08 in the first quarter of last year, he said.
Production and sales volume during the quarter, however, increased 0.74 million tonnes from the same period last year to 9.97 million tonnes.
Banpu’s Indonesian operations had coal outputs in line with the plan, with sales volume reaching 7 million tonnes, despite the rainy season.
Total coal sales from the Australian mines dropped 0.55 million tonnes during the quarter.
Rockefeller Foundation launches resilient-city
The Rockefeller Foundation yesterday announced its “100 Resilient Cities Centennial Challenge”, part of the foundation’s US$100-million (about Bt3 billion) effort to build urban resilience in cities around the world.
Through the challenge, the foundation is inviting cities from around the world to apply to be named one of the 100 resilient cities. Applicants, which can be city government officials or major institutions within a city, will be asked to present a clear description of how their city is approaching and planning to build greater resilience at city-scale, and in a way that addresses the needs of the poor or vulnerable.
Winners will be announced in three rounds over the next three years, with the final round of winners named in 2015.
Each winning city will receive three forms of support, including membership in a new network the foundation is creating, the 100 Resilient Cities Network, which will provide support to member cities and share new knowledge and resilience best practices.
There will also be support in hiring a chief resilience officer (CRO). The creation of this innovative new role will ensure resilience-building and coordination is the specific responsibility of one person in a city government.
The CROs can also oversee the development of a resilience strategy for the city and be part of a learning network of other CROs as representatives to the 100 Resilient Cities Network.
The third level of support is the creation of a resilience plan, along with tools, technical support and resources for implementation.
The Rockefeller Foundation will deploy its expertise in innovative mechanisms to help cities leverage private sector financial support as well as public dollars to realise their plans.
To learn more about the 100 Resilient Cities Centennial Challenge, visit www.100resilientcities.org.
CMO Group eyes full-year revenue of Bt1.2 billion
CMO Group yesterday posted Bt224.43 million in revenue for the first quarter and expects to generate income of Bt1.2 billion this year, with pending revenue of Bt450 million and plans to secure events businesses in Laos, Myanmar and Indonesia.
The company sees international events business accounting for 5 per cent of its revenue this year.
Sermkhun Kunawong, CEO of the major Asean event-organiser, said the company had made a first-quarter net profit of Bt4.14 million.
The earnings and revenues figures represent business growth in line with the prevailing events-business market, but are lower than in the same period last year, when additional income derived from the “Board of Investment Fair”, he said.
The first-quarter figures reflect satisfactory business growth as CMO has gained the trust of both the public and private sectors. Hence, Bt1.2 billion is an attainable revenue target for the full year, Sermkhun said.
As for the current quarter, CMO should benefit from events industry growth, especially from three industries – automobiles, telecommunications and beverages – he added.
CMO is in the process of bidding for a Bt150-million contract after securing Siam Commercial Bank’s 100-year anniversary event contract worth Bt50 million, and has pending income from the recent Truemove H 4G launch event, the setting up of the Bangkok Bank booth at the “Money Expo”, and design works for the Royal Museum in Ubon Ratchathani under the 2nd Army Region’s project, Sermkhun said.
In addition, CMO has recently started a new non-event business, “The Glitz”, which will provide high-end personal-assistant lifestyle services, such as fortune-telling by world renowned practitioners, reservations at top-end restaurants in New York, and an exclusive travel-planning service, said the chief executive. – The Nation
CORRECTION
With reference to the article “National pride must be restored in Suvarnabhumi, says new director”, published on May 14, which said One World – the alliance of American, British Airways, Cathay Pacific, Qantas, Iberia, Finnair and LanChile – plans to relocate its operations to Don Mueang International Airport, we would like to point out that One World does not in fact plan to move to Don Mueang, but it is being urged to do so. The state authorities have to facilitate such a relocation with the infrastructure to support connecting flights and cargo management. We apologise for the error.
Yen plunge draws Thai tourists
More Thai tourists are flocking to Japan after costs plummeted as the yen weakens and the baht strengthens against the US dollar.
Departures to Japan increased dramatically by 50 per cent to 80,800 passengers last quarter and are expected to set a new record of 300,000 for the full year.
Charoen Wangananont, managing director of Kang Wan Tour and former president of the Thai Travel Agents Association, said yesterday that Japan has become the hottest destination for Thais who want to make a trip abroad.
“The exchange rate is one of the most encouraging factors for Thai tourists travelling abroad, especially Japan, which has grown by not less than 35 per cent anticipated for this year.
“The price for a tour package to Japan offered by travel agencies is now Bt35,000 per person, down significantly from Bt40,000,” he said.
Penalty rate set
The Bank of Thailand has set a monthly penalty rate of 1 per cent of the mandatory contributions that banks fail to make to the Financial Institutions Development Fund.
Some banks might miscalculate their contributions and pay less with delays, while some might pay more, Povongtip Poramapojn senior director for the central bank’s FIDF Management Department, said yesterday.
The told the Supervision Group to issue this announcement on the penalty rate.
All banks, commercial and state-run, are required to pay 0.47 per cent of their deposit base to reduce the public burden on the FIDF’s Bt1.14 trillion debt from 2012.
In the previous year, about Bt40 billion of contributions were made. The next round for contributions is the end of this July.
