Thoresen Thai Agencies, Thailand’s leading dry bulk shipper, reported a 52 percent fall in net profit in the July-September quarter on Monday, hit by foreign exchange losses and falling freight rates.
The company said it made a net profit of 224 million baht ($7.4 million) in the July-September period, down from 465 million baht a year earlier. It was above the 185 million baht forecast by three analysts polled by Reuters.
Its annual net profit was 796 million baht in the financial year ending September, down 56 percent from 1.81 billion baht a year earlier and below the 1.27 billion baht forecast by analysts polled by Thomson Reuters I/B/E/S.
The outlook for Thoresen, which mainly ships steel, coal, grain and other agricultural products, remains dim in its 2010/11 year from October as oversupply of shipping could put pressure on spot rates for several years to come, analysts said.
The company also operates offshore engineering services through its 57.14 percent-owned Mermaid Maritime.
The company said it made a net profit of 224 million baht ($7.4 million) in the July-September period, down from 465 million baht a year earlier. It was above the 185 million baht forecast by three analysts polled by Reuters.
Its annual net profit was 796 million baht in the financial year ending September, down 56 percent from 1.81 billion baht a year earlier and below the 1.27 billion baht forecast by analysts polled by Thomson Reuters I/B/E/S.
The outlook for Thoresen, which mainly ships steel, coal, grain and other agricultural products, remains dim in its 2010/11 year from October as oversupply of shipping could put pressure on spot rates for several years to come, analysts said.
The company also operates offshore engineering services through its 57.14 percent-owned Mermaid Maritime.