Thoresen Thai in value hunt with startups

We’re interested all startup businesses depending on the opportunities that they present for growth in the long term,” Chalermchai Mahagitsiri, president and chief executive, told a press conference yesterday.

Up to Bt300 million has been prepared to invest in this business and up to Bt500 million to open 100 Pizza Huts by 2020, he said.
The company has confidence in the food business especially Pizza Hut, which is still seen as a strong brand for customers. 
Its existing 98 branches are located in Greater Bangkok, so the expansion will focus on provinces nationwide. 
“When we expand our investments into new businesses we target a return of investment in the double digits,” he said.

Its shipping and freight business showed improved results in the first half of this year. Its consolidated earnings before interest, tax, depreciation and amortisation of Bt611.9 million increased by 12 per cent year on year and 58 per cent quarter on quarter. 
Its financial status remains stable with cash and short-term investments totalling Bt7.6 billion at the end of the second quarter. 
Consolidated net profit came in at Bt214.7 million in the second quarter of this year, up 801 per cent on year and 146 per cent on quarter. 
It’s good news that the shipping and freight market environment has recovered, the company said. Its own subsidiaries have been positive. 
The Baltic Dry Index has picked up from bottoming out at 290 in February 2016 to an average 1,006 during the second quarter of this year. 
The company is pleased to see Thoresen Shipping Group turning around to profitability this year. 
The company acquired two second-hand vessels in May and July for US$7.9 million (Bt263 million) and $13.0 million to continue with fleet renewal. 
Mermaid Maritime performed well. Its associate has secured a three-year contract extension to 2019. 
PM Thoresen Asia Holding continued its good performance, with quarter-on-quarter growth across its fertiliser business and factory area-for-leasing business. 
Unique Mining Services reported better sales volume of coal compared with last year, he added.