May 21, 2007

Thailand's Asian Seafoods lost US$4.8 million in Q1

Thailand's Asian Seafoods Coldstorage Public Company Limited to THB 156.3 million (US$4.8 million) the first quarter of the year from THB 67.6 million (US$2.1 million) the same period the previous year.

Of the THB 156.3 million loss, THB 30 million (US$920,000) came from losses incurred in futures and options contracts. Interests paid increased THB 15.7 million from the previous room due to investments in a coldstorage room and the setting up of new subsidiary marine feed companies.

Losses at subsidiaries due to devalued inventory was at THB 24.0 million (US$736,000).

The company's change in accounting policy from the equity method to the cost method in accordance with accounting standard no.44 resulted in further losses on paper.

For the first quarter 2007, the consolidated statement has shown loss THB156.3 million, but the non - consolidated statement has shown loss of THB 190.4 million (US$5.8 million).

The non-consolidated statement of Q1 2007 includes loss from impairment on investment of subsidiary company of THB 94.4 million (US$2.9 million) whereas the non-consolidated statement in Q1 2006 shown has no loss from impairment on investment of the subsidiary company, the company explained.