SET listed firms see 2010 profits up 39 pct

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Listed companies on the Stock Exchange of Thailand (SET) have reported their combined net profit of 592.45 billion baht for 2010, up 38.98 percent from the previous year.

According to a SET report released yesterday, the companies on the Thai bourse, excluding property funds, saw their 2010 income from sales and services increase 17.67 percent from the previous year to 7.40 trillion baht, approximately USD244.90 billion while the combined operating profit rise 15.16 percent to 663.81 billion baht.

Other income, mostly the gains on investment and foreign exchange, during last year grew 29.57 percent from the previous year.

The report said most companies reported better performances and wear from more diverse industrial groups as 443 of them, or 82.65 percent of all listed firms, ended last year with profit, compared with 76.68 percent of the listed companies in 2009 and 73.64 percent in 2008.
As a result of higher net profit, it said, the operation efficiency indexes of firms during last year improved across the board when compared with 2009 while the return on equity (ROE) was 15.48 percent, a significant rise from 11.98 percent in 2009 and the return on assets (ROA) rose from 5.51 percent in 2009 to 7.18 percent in 2010.

In addition, the average debt to equity (D/E) ratio remained low at 1.16 times, similar to that of 2009, while their level of liquidity for debt payment appeared to be high even though the interest rates on loans rose during the second half of last year, said the report.
In terms of investment in 2010, most companies put more money in fixed assets, with 465 firms or 85.95 percent of all listed companies increasing such investments, compared with 80.48 percent in 2009, resulting in the increase in total investment in fixed assets to 405.16 billion baht at the end of last year.

With improved economic conditions during last year, the report said, listed companies were able to raise their capitals, both on the primary and secondary markets, as much as 90.35 billion baht or approximately USD2.99 billion, nearly 1.57 times more than in 2009.

Last year, a total of 11 companies and 4 property funds launched initial public offerings, bringing in 12.58 billion baht, an increase of 8.63 percent from the previous year, while fundraising through secondary equity offerings totaled 77.94 billion baht, about 2.30 times from that of the previous year.

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