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27 February 2011

TTCL HAPPY WITH MARGINS

Toyo-Thai Corporation Plc (TTCL) said it doubled its net margin last year and increased profits despite a difficult year for the construction industry because of delays in projects at Map Ta Phut.

The company earned a net profit of 338 million baht, up 3.36% from the previous year, while its net margin rose to 6.36% from 3.17% in 2009, the highest in its sector, said Suvit Manomaiyanon, senior vice-president and director for the sales and contract division.

This resulted from effective project management and cost-control and winning lucrative projects that cover engineering design, equipment installation and construction management, he said.

The company's board approved a dividend of 22 satang a share for second-half results, in addition to the 15 satang paid for the first half, for a total dividend yield of 4.43%. The final dividend will be paid on April 29 to shareholders on the register as of March 14.

Profit improved despite a steep fall in revenues to 5.31 billion baht from 10.3 billion in 2009, reflecting delays while regulatory issues at Map Ta Phut were resolved, said Mr Suvit.

Currently, the company has a backlog of 8.8 billion baht including two major projects in Vietnam worth 4 billion baht, and the Nava Nakorn Electric (NNE) power plant, also worth 4 billion.

TTCL shares closed on Friday on the SET at 8.30 baht, down 15 satang.

Source: The Bangkok Post

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