Thoresen Thai Agencies reports improved Q1 results
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Thoresen Thai Agencies (TTA) on Tuesday announced an improved overall performance in the first quarter, with a consolidated net profit of Bt87.2 million coming in 138 per cent higher than in the same period last year, due to rising rates in the freight market.
The listed company’s normalised net profit for the quarter was Bt65.8 million.
TTA achieved these improved results despite the fact that the first three months of each year are normally a low period due to the cyclical nature of the business.
TTA also reported positive consolidated ebitda (earnings before interest, tax, depreciation and amortisation) of Bt386.7 million for the quarter, up 69 per cent year on year, and maintained a strong cash position and short-term investments on its consolidated balance sheet totalling Bt9.7 billion at the end of March.
The company expects there to be a continued recovery in shipping business.
