Thoresen Thai Q2 net up on freight rates, stock gains

BANGKOK, May 16 (Reuters) - Thoresen Thai Agencies TTA.BK, Thailand's biggest dry bulk shipper, beat market estimates with a 63 percent rise in second quarter profit mainly due to surging freight rates, which sent its shares 3 percent higher. TTA said on Friday it earned a net profit of 2.1 billion baht ($64.81 million) in the three months to March 31, up from 1.29 billion baht a year earlier but down from 2.58 billion baht in the first quarter.

The results beat an average forecast of 2.05 billion baht from seven analysts polled by Reuters. TTA's financial year runs from Oct. 1 to Sept. 30. Second quarter revenue rose to 6.6 billion baht, up from 3.75 billion baht last year.

The firm's freight rate rose 73.55 percent to $25,083 per vessel per day in the quarter, it said in a statement.

By 0312 GMT, shares in Thoresen, which has a maket value of about 1.04 billion baht, rose 3.8 percent to 54.50 baht, up for the third day in a row.

The stock earlier hit its highest in six months at 55 baht, while the main Thai stock index .SETI was 0.58 percent higher.

TTA's quarterly results included a foreign exchange gain of 150.58 million baht, down from the 270 million baht foreign exchange gain of last year.

Thoresen operates 43 dry bulk vessels and owns 55 percent stake in oil drilling firm Mermaid Maritime (MMPC.SI: Quote, Profile, Research, Stock Buzz). ($1=32.40 Baht) (Reporting by Viparat Jantraprap; Editing by Anshuman Daga)