Thai Tap Water Rises to Record After Profit Increases

Thai Tap Water Supply Pcl (TTW) rose to a record in Bangkok after Thailand’s largest non-state producer of drinking water reported a 15 percent increase in profit, buoyed by higher sales.

The stock closed 2 percent higher at 10.30 baht after climbing as much as 4 percent a day after saying net income in 2012 rose to 2.42 billion baht ($17.2 million) from a year earlier. Thai Tap shares have gained 12 percent this year.

Revenue rose 14 percent to 5.27 billion baht, the company based in Nakhon Pathom province west of Bangkok said. The board plans to pay a dividend of 0.30 baht a share on March 29 subject to shareholder approval. Thai Tap produces and supplies water in Nakhon Pathom and Samut Sakhon provinces under a contract with the state-run Provincial Waterworks Authority.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net