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Thai Tap Water Profit in 2012 Increases 15% on Sale Gains

Jan. 30 (Bloomberg) -- Thai Tap Water Supply Pcl, Thailand’s largest non-state producer of drinking water, reported a 15 percent increase in profit on higher sales.

Net income in 2012 climbed to 2.42 billion baht ($17.2 million) from 2.11 billion baht a year earlier, Thai Tap said today in a regulatory filing. That was in line with the 2.44 billion-baht average estimate of 11 analysts surveyed by Bloomberg. Thai Tap shares have risen 10 percent this year.

Revenue rose 14 percent to 5.27 billion baht while expenses increased 12 percent to 1.98 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 at a March 22 meeting, it said.

Thai Tap produces and supplies water in Nakhon Pathom and Samut Sakhon provinces under a 30-year supply contract signed in 2000 with the state-run Provincial Waterworks Authority.

To contact the reporter on this story: Supunnabul Suwannakij in Bangkok at ssuwannakij@bloomberg.net

To contact the editor responsible for this story: Tony Jordan at tjordan3@bloomberg.net

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