Maritime company can't buy ships
Jutha Maritime has revised its revenue-growth forecast for this year sharply downwards, placing most of the blame on difficulty found in procuring ships.
Managing director Chanet Phenjati said the company now expected revenue growth of 5-7 per cent, down from an earlier forecast of 27-28 per cent. "The lower revenue growth follows the assumption that the company will not add two new ships [to its fleet] as planned," he said.Last year, Jutha Maritime recorded revenues of Bt762 million and a net profit of Bt191.44 million. It will pay its first dividend in 12 years on May 25 - 75 satang a share - for 2006 performance. Chanet said the company's joint venture last year with Denmark's Nordana Project and Chartering began a three-year business plan to buy an additional 10 vessels worth US$100 million (Bt3.52 billion). Of this investment, 80 per cent will come from bank loans and the rest from the joint venture. Jutha plans to sell one vessel during this year's first quarter, reducing its fleet to six vessels. Two of the company's vessels will undergo shipyard maintenance this year, resulting in additional costs of Bt20 million each. But a new vessel being built for the company in Japan for Bt600 million is expected to generate revenues of Bt40 million a year after its delivery in mid-2009. Watcharapong Thongrung, The Nation
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