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NYT posted growing Q2 net profit in contrast to the diminishing car export
Slowdown in Middle East car export market has continuously put pressure on Thai car exports. As a result, Namyong Terminal Plc. ("NYT")'s Q2, 2017 throughput declined by 20,500 cars compared to the same quarter last year. Moreover, the reduction in car export to North America was also the major factor for the decreased throughput during the period. However, the increase in car export to Australia and Europe mitigated the decline of both markets. Consequently, NYT posted 273.97 million Baht service income, 4.17 % decreasing from the same quarter last year. The other service income was also declined by 2.73% from Q2, 2016 due to the change in warehouse customers upon their expiring terms. The cost of services, especially direct costs i.e. shifting cost and variable concession fee, decreased along with the throughput reduction. In addition, the income tax expense decreased 14.83 million Baht as a result of the reduction in profit before income tax expense. The incurring of deferred tax assets reversion in Q2, 2016 versus no such transaction in this quarter was also the other key factor for the decrease in income tax expense. NYT, therefore, reported net profit of 94.65 million Baht in Q2, 2017, 6.32% increase from the same quarter last year.
Regarding the first 6-month performance, NYT had 456,130-car throughputs, 8.52% decrease from the same period last year. The drop in export to the Middle East countries was the main reason. The decline in export to Asia market in Q1 and to North America in Q2 was also another cause for the slowdown. As such, NYT recorded 6-month service income of 560.17 million Baht, 4.48% decreasing from the first 6-month of last year. The other service income, at the same time, lessened by 2.22% owing to the transitional period of warehouse customers in Q2. Cost of services, on the other hand, reduced 2 million Baht from lowering of both shifting cost and variable concession fee, along with the throughput deterioration. Combining with the impact on the income tax expense reduction in Q2, NYT posted 194.49 million Baht net profit during the first 6-month period of 2017 with 5% declining from the same period last year.