Shipping firm Thoresen Thai Agencies (TTA) sank into a full year net loss due mainly to extraordinary impairments and write-offs, Seatrade Asia online reports.
The Thailand-based company announced a net loss of THB4.62bn ($150.47m) in the year ended 30 September 2012 as against a net profit of THB173m in 2011.
Revenues for 2012 were THB16.34bn, 7% lower than the previous year, largely due to a reduced fleet size at Thoresen Shipping, offset in part by marginal growth in top line results at Baconco Co, Mermaid Maritime and Unique Mining Services.
“For Thoresen Shipping, we are targeting some profitability into next year as freight rates stay largely flat, but will take the year to renew our fleet in order to be optimally set for an expected upturn in 12-18 months,” said M.L. Chandchutha Chandratat, president and ceo of TTA.
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