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Listed Companies On The SET And MAI Collectively Showed Over THB 300 Bln. In Profits In 9M/04

Date 18/11/2004

434 listed companies on the SET and MAI posted their 9M/2004 profits at THB314,874 mln. (approx. USD7,679.85 mln.), accounting for an overall 39% increase. The three top industry groups with highest net profits were Resources, Financials, and Property & Construction.

Executive Vice President of The Stock Exchange of Thailand (SET) Mrs. Patareeya Benjapolchai revealed that there were 434 listed companies on the SET and the Market for Alternative Investment (MAI) (95% of total 456 listed companies) which had submitted their financial statements for the period ending September 30, 2004, to the SET.

“During the first 9 months of 2004, these listed companies recorded total net profits worth THB 314,874 mln., or a 39% increase over the THB226,814 mln. during the same period last year. 413 listed companies on the SET that have submitted their financial statements earned a total THB314,247 in net profits, accounting for a 39% rise collectively. Of these companies, 85% or 351 companies posted profits while the remaining 15% (62 companies) posted net losses. Their sales were recorded at THB2,532,081 mln., a 22% rise over the same 9-month period last year.

For Q3/2004 alone, they reported a total of THB125,560 mln. net profits, a 50% rise over the THB83,430 mln. posted for Q3/2003.

For both 9-month periods and Q3/2004, the top three industry groups with highest the net profits were Resources, Financials, and Property & Construction,” Mrs. Patareeya said.

Companies in the SET50 earned THB225,454 mln. in net profits, or 72% of the total. This amount accounted for a 54% increase over the same period last year, as the quantity and prices of goods being sold rose at a faster rate than the total costs. Total sales grew by 20% while the gross margin rate increased 30%. The top five most profitable SET50 companies were PTT Pcl. (PTT), Siam Cement Pcl. (SCC), Siam Commercial Bank Pcl. (SCB), Advanced Info Service Pcl. (ADVANC), and the Bangkok Bank Pcl. (BBL).

The 384 listed companies in 8 industry groups saw total net profits of THB 302,342 mln., or 96% of the overall net profits of all listed companies. Summarized in order of greatest net profits, the eight industry groups are as follows:

  1. Resources Industry Group: (comprised of the 15 listed companies in the energy & utility sector and one firm in the mining sector). This group’s combined net profits of THB79,239 million were an increase of 43% over the same period last year. This increase is due to a 26% jump in sales for the energy & utility sector as a result of economic expansion, greater energy consumption, higher prices of crude oil and its related products, as well as a 9% drop in interest expenses.
  2. Financials Industry Group: (consists of 64 listed companies in the banking, finance and securities, and insurance sectors). This industry group saw net profits of THB 74,340 mln., an 80% growth over the same period last year.

    The Banking Sector posted a 121% jump in net profits, which is a rise from the THB29,092 mln. in 9M/2003 to THB64,296 mln. in 9M/2004. On the other hand, the finance & securities sector (excl. hire-purchase and leasing companies) posted a 40% decrease in their net profits from THB8,437 mln. to THB5,058 mln. Overall securities companies showed losses of THB1,423 mln., since Asia Plus Securities amortized its cost of funds in excess of the fair value of THB4,460 mln. Therefore if this over-amortization were excluded, the finance & securities sector would collectively have posted THB2,487 mln. in net profits.

    The 18 assurance and 2 life insurance companies recorded total net profits of THB2,437 mln., an 18% increase from THB2,069 mln. the same period last year.

  3. Property & Construction Industry Group: (consists of 28 listed companies in the building & furnishing materials sector and 40 listed companies in the property development sector). This group saw net profits of THB58,894 mln., a 33% surge over the same period last year. This was due to a 28% rise in sales resulting from a higher demand in building and furnishing materials domestically as well as the higher prices of the materials. Their interest expenses also dropped.
  4. Technology Industry Group: (consists of 40 listed companies in the communication, electronic components, and electrical products & computer sectors) This group’s combined net profits amounted to THB31,628 mln., accounting for an 8% decline. Their gains from debt restructuring were down by 76%, plus a 132% increase in exchange rate losses. The communication sector accounted for 76% of the industry group’s overall net profits.
  5. Services Industry Group: (consisted of 76 listed companies in 8 sectors) posting a combined net profit of THB25,251 mln., the 69% jump over last year was a result of a 21% sales growth. The transportation sector accounted for 41% of the Group’s total net profits. This sector’s sales rose 53%, with its gross profits up from 36% to 51% due to the rising demand for services and increased charges for water transportation.
  6. Industrials Industry Group: (consisted of 43 listed companies) posting a combined net profit of THB22,468 mln., a 48% increase over last year. This rise was attributed to a 98% increase in the profits of the chemicals and plastics sector (which accounted for 77% of the group’s overall net profits) as the petrochemical prices were on an upward trend.
  7. Agro & Food Industry Group: (consists of 22 listed companies in the food & beverage sector and 20 companies in the agribusiness sector). This group saw a combined net profit of THB7,095 mln., a 12% drop compared to the same period last year. The food and beverage sector posted a 10% drop in net profits, with gross profits down from 22% last year to 19% this year. This decline was due to an upward adjustment in raw material prices. The agribusiness sector’s net profits accounted for 37% of the Agro & Food Industry Group’s total. The Sector posted a 15% decline in profits due to a 15% increase in cost of sales, plus firms were faced with exchange rate losses. Actually last year it had exchange rate gains.
  8. Consumer Products Industry Group: (consists of 35 listed companies) This group posted net profits of THB3,426 mln., a 2% rise from last year. This was due to only a 2% rise in sales.
Mrs. Patareeya also added that 29 out of the 40 companies under rehabilitation (REHABCO) have submitted their financial statements. 14 of them posted net profits while the other 15 companies posted net losses. They had a combined net profit of THB11,905 mln., a significant 24% jump from THB9,628 mln. over the same period last year. This was due to a sales increase of THB52,022 mln., or a 55% rise over last year, as well as from profits after debt restructuring which amounted to THB20,582 mln., or a 167% rise.

The total outstanding debts of the listed companies in REHABCO sector, as of September 30, 2004, amounted to THB230,532 mln., a THB19,818 mln. decrease from THB250,350 mln. at the end of 2003. The following is a summary of REHABCO companies’ statuses from January 1 to November 16, 2004:

  • A total of 12 companies were trading in the REHABCO group.
  • 3 companies were moved to the group—Tuntex Thailand Pcl. (TUNTEX), Bangkok Rubber Pcl. (BRC), and Srithai Food & Beverage Pcl. (SRI).
  • 7 companies were removed from the group, and are trading in their regular sectors—EMC Pcl. (EMC), Natural Park Pcl. (N-PARK) and Millennium Steel Pcl. (MS), Raimon Land Pcl. (RAIMON), Christiani & Nielsen (Thai) Pcl. (CNT), Syntec Construction Pcl. (SYNTEC), and Eastern Wire Pcl. (EWC).
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