PM Thoresen Asia Holdings PCL

Thoresen Thai Agencies Public Company Limited, or TTA, reported strong operating results. Its shipping business achieved a time charter equivalent rate of 18,240 US dollars per day, 11 percent above the net Supramax market rate, with full 100 percent utilization of its owned fleet. Operating expenses for shipping came to 5,115 US dollars per day, 6 percent below the industry benchmark. In the agrochemical business under PM Thoresen Asia Holdings Public Company Limited, or PMTA, fertilizer export volumes to the Philippines surged 275 percent compared with the same period last year, while revenue from warehouse management services grew 26 percent. The offshore services business through Mermaid Maritime Public Company Limited recorded 95 percent utilization of its subsea engineering vessels and maintained a service backlog of 749.5 million US dollars. TTA also held total cash under management of 8.4 billion baht and an interest-bearing debt to equity ratio of only 0.34 times, while continuing to manage its other investment portfolio, including 212 Pizza Hut outlets, 45 Taco Bell outlets, and a water supply business in Luang Prabang, Laos.