for Q2FY25 (July – September 2024)
Bangkok – October 30, 2024 – Tata Steel Thailand declared its quarterly results for the quarter ended September 30, 2024, on October 17, 2024. The Company reported a loss of 160 Mn THB for the July – September 2024 quarter against a profit of 93 Mn THB for the April – June 2024 quarter and a loss of (59) Mn THB in the July– September 2023 quarter reflecting the market sentiment resulting in low margins.
Mr Tarun Daga, President and CEO, Tata Steel (Thailand) Public Company Limited stated that “Sales volume in the quarter under review, was at 280,000 Tons. As compared to the same quarter previous year, the sales volume was at par. However, in comparison to the previous quarter, the sales volume was lower by around 9%, from sluggish wire rods demand in the domestic market in the backdrop of continued price decline.”
“Revenue from sales in the current quarter was at 5,933 Mn THB lower than the previous quarter reflecting low domestic demand and the appreciation of baht having adversely impacted export competitiveness. As compared to the same quarter in the previous year, it was lower by around 2% from lower selling price.”
As mentioned earlier, the appreciation of the Thai Baht impacted realization from the international markets as well as other currency related impacts. In addition, the construction and infrastructure have been affected by low budget disbursements and consequent liquidity issues with contractors. The sentiments around private constructions are also low. During the quarter, major parts of north and north-eastern Thailand have been impacted by floods which has further impacted the market sentiments and domestic demand.
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