The delay in state budget spending and low asphalt prices in the global market reduced first-quarter earnings and profit of SET-listed Tipco Asphalt Plc (Tasco), but the company remains upbeat about a return to normal growth levels this year.
Tipco Asphalt Plc (Tasco), Thailand's largest asphalt producer, expects its sales to grow by 8.3% this year to 1.3 million tonnes despite a global economic slowdown and possible delay in state spending related to the lengthy process required to set up a new government.
RECAP: The SET Index surged at midweek after listed firms reported record-high second-quarter earnings of 350 billion baht, reviving investor confidence, before easing back on profit-taking yesterday. US equities were rangebound, reflecting mixed opinions on economic data and uncertainty about the size of the Fed's next interest-rate increase.