"There are many questions [arising] from this issue, and the SET is not comfortable with it," SET senior vice president Sakkarin Ruamrangsri said yesterday.

"So from now on the SET will have to tighten its consideration [of allowing companies to resume normal trading] to prevent any problems," Sakkarin said

Tongkah Harbour's stock was released from the NPG on May 4 this year after it met the SET's criteria for returning to normal trading by posting a net profit for at least three consecutive quarters. In 2006 it recorded a net profit of Bt6 million.

But in the first quarter the firm swung back into a net loss of Bt29.53 million.

This prompted the SET to comment that it planned to scrutinise Tongkah Harbour's clarification of its net loss. At that time it had not yet decided whether the company's securities should be moved back to the NPG.

Sakkarin said the SET has put no further questions following the clarification by Tongkah Harbour's executives of the company's financial statements.

"The SET does not take responsibility for considering accounting. We just ask the company to provide information to the public. It is the duty of the Securities and Exchange Commission to probe financial statements," he said.

Sakkarin gave an assurance that Tongkah Harbour's stock will still be allowed to trade normally, despite the net loss in the first quarter. "The SET is quite concerned about this issue," he said. "Typically, we let the Securities and Exchange Commission help us in considering financial statements before we decide whether we will allow stocks in the NPG to trade normally. I admit, though, that we have to consider [the state of the company] from its latest accounting and its future is unpredictable."

Siriporn Chanjindamanee

The Nation