Ref : COR: MS/EL03049e/st
22 December 2003
Subject : The Twelve Months Period Financial Results
To: : The President of the Stock Exchange of Thailand
Thoresen Thai Agencies Public Company Limited recorded a consolidated net profit for
the twelve months period ended on 30 September 2003 of Baht 1,002.80 million,
including an exchange gain of Baht 224.17 million, as compare to a net profit of Baht
410.39 million, including an exchange gain of Baht 59.99 million, in the corresponding
period last year.
The improved operating result was mainly the result of an improved freight market,
combined with a larger, and better equipped fleet, resulting from investments made
over the last 18 months.
The recovery of most Asian economies has stimulated the shipping market and provided
a significant positive effect on our business. The surge in demand for imports and
exports throughout Asia, coupled with a continuing shortage of vessels, has led to a
very healthy increase in freight rates, the full effect of which will become evident
from next quarter onwards.
Yours faithfully,
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M.R. Chandram S. Chandratat Mr. Arne Teigen
Chairman Managing Director