Message from President and CEO
2018 was the challenging year for TTCL. A provision for doubtful debt to the construction project in Laos was the main cause of net loss for the period. Despite the provision in accordance with Accounting Standard, we are in the process of arbitration and seeking for settlement in accordance to the EPC contract. Under this extraordinary circumstance, the Board of Directors proposed the shareholder to consider and approve non-payment of dividend for the year 2018.
Conversely, 2018 was a fairly interesting year for us. We have welcomed a new partnership with Sojitz Corporation, a leading and prominent Japanese based trading company, who had acquired 56 million shares or equivalent to 10% of shareholding through Private Placement in August 2018. The company’s capital increased to THB 616 million, and fully paid up.
Moreover, TTCL has secured THB 16 billion new construction contracts in 2018, which the projects are mainly located in Thailand, Vietnam and Myanmar. The operation of power plant in Myanmar has provided stable income throughout the year without having any interruption.
For the outlook in the year 2019, the volatile global economic and local political climates remain uncertain. However, we maintain our business focus on Myanmar power sector in which TTCL is looking forward to conclude Power Purchase Agreement for a 388 MW Gas-Fired Power Plant in Yangon by the first half of 2019. Furthermore, TTCL is currently bidding for new construction projects together with Sojitz Corporation, our major shareholder, to broaden our customer base in the new market.
Finally, I would like to express my sincere gratitude to our shareholders and our employees for your unwavering support throughout this challenging time. I strongly believe that our managements and staffs as a team will overcome any challenges together and we will look at our success for the forthcoming year in the most meaningful way.
Mr. Hironobu Iriya
President and Chief Executive Officer