ITD to build in Bangladesh
SET-listed Italian-Thai Development Plc (ITD) says construction jobs in Bangladesh worth more than 17 billion baht will help the company gain more revenue this year.
In a statement informing shareholders and the Stock Exchange of Thailand of its plans, ITD said it signed two contracts with Dhaka Mass Transit Company Ltd to build two major construction projects.
The first project is the construction of Uttara depot, worth 3.1 billion baht, according to ITD’s equity base in the project. The Uttara depot project covers the construction of the building of the depot, all civil works at the repair and maintenance building centre as well as design and installation of all equipment and facilities.
The second project is the construction of an elevated train covering 11 kilometres with nine stations, worth 16 billion baht. The construction covers the stations’ design, equipment testing and facilities, according to the company’s statement.
The company posted a smaller profit in the first quarter of this year, due largely to losses from asset impairment and currency fluctuations.
ITD had a net profit of 43 billion baht in the first quarter of this year, down 37% from the same period of last year when it had a net profit of 68.5 billion baht, according to the company’s statement.
In the first quarter of 2017, the company lost 27 million baht from an asset impairment, an increase of 27 million from the same period of the previous year, from the impairment of a joint venture, which completed its project.
Losses from currency exchange were 111 million baht, rising by 101 million baht from the same period of the previous year.
ITD shares closed yesterday on the SET at 4.50 baht, up eight satang, in trade worth 92.4 million baht.