Thoresen Thai Agencies (TTA) managed to significantly narrow its second quarter net loss compared to the first quarter but the quarterly deficit widened year-on-year, Seatrade Asia online reports.
The Thailand-based dry bulk shipping firm posted a second quarter net loss of THB205.4m ($6.5m), a marked improvement from a loss of THB560m in the first quarter. However the loss deepened when compared to a deficit of THB118.5m in the same period of 2011.
Second quarter revenue dipped to THB3.5bn compared to THB4.1bn a year ago.
The lower revenue was blamed on low freight rates as the Baltic Exchange Index (BDI) hits a 25-year low and lower offshore services income as a tender drilling rig was off-hire for about three weeks.
“Market trends in the second half of this fiscal year should result in better performance at Thoresen Shipping and Mermaid, which remain the two largest core businesses,” TTA said.
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