briefs

TMB deposits up 0.34% in January

TMB Bank's deposits in January increased by 0.34 per cent from Bt452.44 billion at the end of December mainly on its ME No Fixed deposit accounts, a new product offered under the bank's ME by TMB-branded electronic banking service.

According to the bank's monthly report, ME by TMB offers an interest rate of 3.50 per cent, the highest in the market.

Lending in January increased by Bt1.2 billion or 0.3 per cent from the end of last year, mostly to small and medium-sized enterprises, especially supply-chain operators.

Sansiri sales event nets Bt3.7 bn

Sansiri announced total presales of Bt3.7 billion from its three-day event "Sansiri Life Comes Home" last weekend.

As a result, the company has revised upwards its first-quarter presales target from Bt10 billion to Bt11 billion, company president Srettha Thavisin wrote in a press release yesterday.

TMI aims for 20% revenue growth

Teera-Mongkol Industry (TMI) has set a revenue-growth target of 20 per cent this year.

It posted total sales revenue of Bt376.41 million last year, up from Bt344.89 million a year earlier. Its net profit was Bt19.82 million last year, down from Bt24.44 million a year earlier, thanks to its continued heavy spending on building brand recognition nationwide and boosting its sales staff.

TMI is a manufacturer of ballast, both magnetic and electronic,

for fluorescent lamps and compact fluorescent lamps.

Bangkok Bank cuts lending rates

Bangkok Bank is cutting all lending rates by 0.125 percentage point, effective today.

The bank did not explain why it took the action.

The economy was severely hit by the floods in the fourth quarter of last year, which according to the National Economic and Social Development Board brought down the 2011 GDP growth rate to only 0.1 per cent.

After the cut, the minimum loan rate will be 7.25 per cent.

The bank is also launching a new four-month deposit account for non-residents, offering 2.625 per cent per annum for a minimum deposit of Bt200,000. This offer stands until March 21.

Probe finished soon

The National Anti-Corruption Commission will wrap up next month its probe on the legitimacy of the partnership deals between CAT Telecom and True Group to provide third-generation cellular service on the 850-megahertz spectrum, said Mathee Klongkaew, chairman of the subcommittee on the case.

Next week it will call in ICT Ministry permanent secretary Jirawan Boonperm and a representative of the National Economic and Social Development Board to give more information on the deals.

Lower revenue seen

Precious Shipping expects lower revenue this year mainly because of lower freight rates.

Managing director Khalid Moinuddin Hashim said this year's freight rates were expected to average US$7,150 per vessel per day, lower than the 2011 average of $11,265. Demand for transport is growing, but the number of vessels is also rising.

Given likely lower freight rates, the company estimates revenue to be lower than last year. However, its dividend payment will not be affected. It continues its policy to make dividend payments of no less than 25 per cent of net profit.

By midyear, the company will have four new vessels, for 30 in total. Currently, it has no plan to sell any of its ships. It continues to seek opportunities to buy second-hand vessels.

PSL has secured a $45.6-million (Bt1.4 billion) loan from Bangkok Bank's Singapore branch to finance its new cement-transport ships.

Vehicle sales rising

Vehicle sales this month should continue increasing, thanks to higher production as well as economic stimulus measures, said an executive of Toyota Motor Thailand.

Auto-makers are accelerating production to deliver vehicles ordered before the floods, said Vudhigorn Suriyachantananont, senior vice president of TMT. Economic stimulus measures including the first-car policy and pay rises for civil servants would also benefit the industry, he added.

As not all auto-makers have resumed normal operations, sales growth in January was only 11.5 per cent year on year, for 76,246 units. Passenger-car sales dropped 9.8 per cent year on year to 27,962 units.

The number of commercial vehicles sold in January rose 29.1 per cent year on year to 48,282. One-tonne pickups, constituting a major part of the segment, posted sales of 42,801 units, an increase of 35.3 per cent.

Shareholders meet

IRPC will call a meeting of shareholders of all five subsidiaries - Thai ABS Co, IRPC Oil Co, IRPC Polyol Co, IRPC Energy Co and Thai Polyurethane Industry Co - on February 29 at Energy Complex.

Chansin Treenuchagron, managing director of Thai ABS Co, said the shareholders would mainly consider the appointment and dismissal of directors. After the shareholders' resolution, the firm's legal issues should be at an end, the executive said.

IRPC, which is majority-owned by PTT, owns 99.99 per cent in all five subsidiaries.