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http://www.bangkokpost.com/Business/31 ... _biz45.phpTHL may be put back in rehab
NUNTAWUN POLKUAMDEE
Tongkah Harbour may return to the non-performing group (NPG) if the company is forced to book pre-payment fees in its 2006 financial statement, says DBS Vickers Securities.The brokerage noted in a research report that THL shares could be suspended and returned to the NPG sector if it failed to clarify three points raised by the Securities and Exchange Commission earlier this week.
The three issues are profit-sharing arrangements with the Industry Ministry's Department of Primary Industries and Mines worth 4.1 million baht; the pre-payment fee of 11.6 million baht and legal fees of five million baht.
The SEC questions whether the expenses were properly recorded, based on generally accepted accounting principles and ordered THL to clarify them by June 12.
The company recorded first-quarter net losses of 29.53 million baht, compared with 2006 net profits of 6.09 million.
The SET allowed THL to resume trading on May 4 after it successfully exited the NPG sector. The stock, which peaked at 3.80 baht on May 8, has fallen sharply since, and closed yesterday at 2.28 baht, up two satang, in trade worth 27.11 million baht.
DBS Vickers said the worst-case scenario was that THL could be forced to book the expenses in question in its 2006 financial statement, resulting in a net loss of 14.7 million.
The brokerage said the company was expected to post a net loss of around four million baht for the second quarter, with operating profits for the year revised downward to two million baht from 17 million. Foreign-exchange gains are projected at 12 million baht.
The case has raised fury among investors about the criteria used by the SET to allow ailing companies to resume trading.
The market's regulations allow companies under rehabilitation to resume trading if they post profits for three consecutive quarters and have positive shareholders' equity.
THL's financial statement was audited by Professor Kesree Narongdej of A.M.T. & Associates, who insisted on its accuracy and declined to comment on the case.
''I have already explained that THL was properly audited based on generally accepted accounting principles.''
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