Thoresen Thai Agencies Q1 net losses decrease

Thoresen Thai Agencies Public Company Limited, or TTA, a dry bulk shipping company, has reported that net losses attributable to owners of the company for the first quarter ended December 31, 2012 was THB138.01 million, or THB0.19 loss per share, compared to net losses attributable to owners of the company of THB560.44 million, THB0.79 loss per share, for the first quarter ended December 31, 2011.

Total revenues for the first quarter ended December 31, 2012 were THB4.18 billion, compared to THB3.39 billion for the first quarter ended December 31, 2011.

Gross profits for the first quarter ended December 31, 2012 was THB463.07 million, compared to THB384.25 million for the first quarter ended December 31, 2011.

Total assets as of December 31, 2012 were THB42 billion, compared to THB42.53 billion, as of September 30, 2012.

Chalermchai Mahagitsiri, TTA executive vice chairman, said: "We see continued evidence of a turnaround, and although the operating environment for dry bulk shipping remained very difficult for the entire industry, gains across our three other core business units helped to cushion the negative effects. These results support our strategic imperative to diversify revenue streams while we wait out a rebound in the dry bulk industry."