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PTT Global Chemical’s results for the third quarter were in line with expectations and thus support its “Baa2” rating and “stable” outlook, Moody’s Investors Service says.

Despite three one-off items negatively affecting its earnings, the company posted only a marginal decline in its core earnings before interest, taxes, depreciation and amortisation.

PTTGC’s EBITDA in the third quarter – excluding inventory gains – declined marginally to Bt12.6 billion from Bt12.9 billion in the second quarter.

PTTGC’s core earnings were affected by one-off items, including an unplanned 78-day shutdown of its low-density polyethylene (LDPE) plant in July; lower gas feedstock from unit 5 of PTT’s gas separation plant, which was struck by lightning in August; and expenses related to an oil spill in July, said Vikas Halan, a Moody’s vice president and senior analyst.

 

Jet Asia flies to Narita twice weekly

Jet Asia Airways early this month launched twice-weekly scheduled charter service from Bangkok to Tokyo’s Narita International Airport. 

“The recent visa waiver has sparked an influx of Thais travelling to Japan and is the driving force of our service to Narita,” said Veerawat Singhamany, marketing manager at JAA. 

The frequency will increase in January when tickets are made available for Japanese travellers.

Flight JF988 departs Suvarnabhumi Airport every Sunday and Tuesday at 12.45am, arriving at Narita at 915am Tokyo time. The return service, Flight JF989, departs Tokyo every Wednesday and Friday at 2pm and arrives in Bangkok at 6.30pm. 

Jet Asia Airways, founded in 2009, is a Thai carrier operating wide-body Boeing 767s. 

Based out of Suvarnabhumi, the airline specialises in block charter, full charter, ad hoc and wet lease (aircraft, complete crew, maintenance and insurance) operations. 

 

CSRI Recognition awards announced

The Corporate Social Responsibility Institute under the Stock Exchange of Thailand has bestowed this year’s “CSRI Recognition” honours on 40 listed companies for continuously operating their businesses with sustainable social responsibility.

The winners of the Most Improved CSR Award, for listed companies having shown outstanding development of their social responsibility, are PTT Exploration and Production (PTTEP), Seafresh Industry (CFRESH), and The Erawan Group (ERW). 

Winners of the Rising Star Award, given to firms joining the contest for the first time that have exhibited leadership social responsibility, are Delta Electronics (Thailand), Padaeng Industry, QTC Energy, and Thai Union Frozen Products. 

 

BJC to set up Myanmar unit 

The board of directors of Berli Jucker at their meeting on Monday passed a resolutions to ratify the establishment of a new subsidiary in Myanmar, BJC International (Myanmar) Company Ltd (BJI Myanmar), registered on August 23, to provide corporate advisory services of product analysis and information gathering.

Registered capital is US$50,000 (Bt1.58 million), divided into 50 ordinary shares with the par value of $1,000 each. BJC International Co, Berli Jucker’s wholly owned subsidiary in Hong Kong, holds 98 per cent of issued and allotted shares in BJI Myanmar, while BJC Retail Co, Berli Jucker’s wholly owned subsidiary in Thailand, holds 2 per cent.

 

IVL mothballs PET Plant in UK

Indorama Ventures will moth-balling its PET (Polyethylene terephthalate) plant at Indorama Polymers Workington Ltd., in the United Kingdom as part of its business improvement plan and restructuring strategy of its European businesses, according to its filing to the Stock Exchange of Thailand yesterday.

The moth-balling will be effective not later than 31 March 2014 and will not have any material effect on the xompany performance and the customers will be served from other manufacturing locations in Europe with enhanced competitiveness. 

The UK site may be operated again in two years’ time subject to market conditions. All actions initiated by management are in accordance with local laws and regulations.

 

Smart to supply air traffic management systems  

Samart Corp has signed a contract worth Bt1.720 billion with Aeronautical Radio of Thailand Co Ltd to provide air traffic management systems to the latter in  646 days. Payment will be made on completion. 

 

PCB maker upbeat on year’s performance 

KCE, a  producer and exporter of the Printed Circuit Board (PCB) in Southeast Asia, reported  a  net profit Bt327.5 million in the third quarter of this year,   up 47 per cent from the same period of last year.

The company's  third-quarter consolidated sales revenue totalled  Bt2.53 billion, a 44 per cent increase  from the same period last year. 

The company is confident that this year’s performance will reach its target.  

Executive chairman  Bancha Ongkosit said that this was a result of steadily increasing demand from existing customers, favorable development of new businesses in 2013, and the traditional high-season quarter.

During the first nine months of 2013, as of September 30, 2013, the company consolidated sales and net profit amounted to  Bt6.8 billion and Bt796.8 million respectively.

 In comparison, the same figures achieved during the same period last year were Bt4.6 billion for consolidated sales, and Bt449.7 million for net profit.

“The company has gained momentum in the first three quarters of 2013 and the management believes that its performance will achieve the estimates  for the year," he said.