Thoresen Thai Agencies Plc reported a net loss of 205 million baht for the first quarter of this year, dipping further after a loss of 119 million in the same period last year.
For the six-month period ending on March 31, its losses stood at 766 million baht, compared with a profit of 26.9 million in the same period last year.
But compared with the previous quarter, its losses narrowed from 560 million baht thanks to tighter cost controls and improved cash flows.
Consolidated revenue was 3.53 billion baht, up by 4% from 3.39 billion the previous quarter.
Losses from the transport business narrowed from 403 million baht in the first quarter to 7 million baht in the second quarter despite the Baltic Dry Index recording a 25-year low, said president and chief executive M.L. Chandchutha Chandratat.
The group's energy operating unit Mermaid contributed 68 million baht in losses this quarter, down by 43% year-on-year, with cost savings across Mermaid's subsea and drilling groups helping to narrow the negative contribution.
Infrastructure business contributed 3 million baht in profit this quarter, down by 96% year-on-year.
"Amid record-low global freight rates, there is a clear turnaround trend that vindicates our efforts to restructure and cut costs across our portfolio," he said.
"We expect to return to profitability in the near term as both dry bulk and offshore shipping services are showing signs of improvement."
M.L. Chandchutha attributed some of the improvements to higher efficiencies at Thoresen Shipping and a continuing turnaround at its energy subsidiary Mermaid Maritime Plc.
Source: Bangkok Post