Thoreson Thai Agencies' (TTA) profit for the second quarter fell from a year earlier on lower total revenue but saw better results in certain segments.
The Chalermchai Mahagitsiri-led bulker owner posted net income attributable to TTA of THB 94.2m ($2.83m) versus a THB 215m profit during the same period in 2017.
Overall revenue for the company, which has shipping, offshore service and agrochemical segments, declined THB 3.39bn from THB 3.6bn as fleet ultisation ticked up 2 percentage points to 100%.
Shipping revenue jumped 49% to THB 1.41bn, up 49% to THB 1.41bn from a year earlier due to average TCE rates improving 40% to $11,993 per day.
Offshore revenue gained 21% to THB 687m from a year earlier while fleet utilisation went up 54%.
The agrochemical segment saw a 1% increase in sales to THB 702m.
The company's liabilities stand at THB 12.6bn mainly due to issuing debentures to repay THB 2bn in debt maturing in July.
TTA bought a second-hand ship and sold an old vessel as well as two laid-up rigs for its offshore segment.
