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NYT Changes Par Value and Clarify Q1, 2017 Financial Operation
Namyong Terminal Plc. (“NYT”) revealed the Q1, 2017 financial operation that the company had 339.43 million Baht service revenue, 4.30% decreasing from the same quarter last year. The declining revenue was mainly due to the reduction in throughput of 22,000 cars resulting from the substantial drop in export to the Middle East countries as a result of their economic slow down from the weakening oil price. On the other hand, the cost of services - especially direct costs i.e. shifting cost and variable concession fee - decreased along with the throughput reduction. Nevertheless, there were some certain higher fixed costs including rental charges and depreciation expenses, which were caused by additional investment during the previous year. In sum, the total cost of services declined slightly and brought the net profit to 99.84 million Baht.
Besides, the 2017 Annual General Meeting of Shareholders on 28 April 2017 passed the resolutions to approve the change in the par value of the ordinary shares from Baht 1.00 per share to Baht 0.50 per share, resulting in an increase in the number of ordinary shares from 620 million shares to 1,240 million shares. As the change in par value had occurred after reporting period but before reporting date, the calculation of earnings per share was adjusted to reflect the number of ordinary shares as a result of the change in par value. Moreover, the number of ordinary shares of the prior period used for the calculation, as presented for comparative purposes, were also adjusted as if the shares comprising such change in par value had been issued at the beginning of the earliest period reported. The adjustment, however, was to comply with the accounting standard and resulted in the earning per share of 0.08 Baht in Q1, 2017.