Mr. Kittiratt Na-Ranong, President of The Stock Exchange of Thailand (SET), revealed that as of November 17, 2003, 380 listed companies on the SET and 11 companies on the Market for Alternative Investment (MAI), or 95% of all listed companies (401 SET-listed and 12 MAI-listed) submitted their 9M financial statements ending September 30, 2003.
Overall results show that the companies generally have improved their performance with 221,420 million baht worth of net profits, up 40.37 percent from 157,742 million baht for the same period last year. This profit record is higher than 2002's total.
In the 28 industrial and service sectors (excluding the financial sector), 304 listed companies saw net profits of 176,279 million baht, which accounts for 80% of the total listed companies' profits. Their performance was a 39.53 percent increase from the same period last year and equal to 103.63 percent of 2002's total.
The top five sectors with the highest net profits have a combined net profit of 131,914 million baht. They are 1) energy, recording 48,386 million baht in total 2) communications, recording 27,684 million baht 3) building and furnishing materials, recording 26,467 million baht 4) property development, recording 16,926 million baht, and 5) transportation, recording 12,451 million baht in net profits.
As Mr. Kittiratt went on: "The financial institutions comprised of the banking and finance and securities sectors saw a combined net profit of 36,953 million baht or 16.69 percent of the overall listed companies' profits, and up 34.17 percent from the same period last year. Thirteen commercial banks and the Industrial Finance Corporation of Thailand posted 27,080 million baht net profits for the initial nine months of 2003, up 29.91 percent compared to 20,846 million baht the same period last year. This was due to a a 24.39 percent increase in non-interest income. The increased interest income and net dividends before provisions for doubtful debts increased a mere 10.89 percent affected by decreased interest rates for deposits and loans. Credit expansion was only 2.81 percent and provisions for bad and doubtful debts rose only slightly by 1.65 percent."
"The 18 companies in the finance and securities businesses posted net profits of 7,977 million baht, up 55.44 percent compared to the 5,132 million baht last year. This was attributed to a remarkable 53.46 percent increase in non-interest income especially income from the securities business. Their interest and dividend incomes rose 24.21 percent. Credit expansion recorded 21.36 percent increase and the provisions for bad and doubtful debts increased by 12.49 percent. As of 30 September 2003, the non-perfoming loans (NPL) of commercial banks and finance companies were recorded at 763,732 million baht, accounting for 16.87 percent of their loan income and accrued interest income which is an increase from last year's 11.11 percent.
"Thirty-five, or 70%, of the listed companies in the REHABCO sector (50 companies) already submitted their financial statements with 7,961 million baht worth of combined net profits. Seventeen companies saw net profits, while 18 saw net losses. As of 30 September 2003, their debts amounted to 303,665 million baht, down 10,815 million baht from end of last year's 314,480 million baht," the SET President said.
Regarding companies under rehabilitation, the Bankruptcy Court ordered one more company to go under rehabilitation, hence adding to the number of companies under the Plan to 33. Moreover, the Court also revoked its orders for four other companies. There are six companies in the REHABCO sector that have resumed trading again in the first nine months of 2003. The total number of REHABCO companies that have resumed trading in the REHABCO sector and the normal sectors are 19 and four respectively.
