OCEAN Slumps 55% in 5 Days, “Chutchaya” Confident in Outstanding Performance in 2019
OCEAN fell as much as 30% on March 5, 2019 and a total of 55% since February 27, 2019 after a disappointment in 2018 financial statement. Mrs. Chutchaya, OCEAN’s Vice Chairman of the Board of Directors, still has high confidence in the company, asserted that there will be no speculation from major shareholder.
At 12:10 in Thailand the share price of Ocean Commerce Public Company Limited (OCEAN) fell to ฿1.76/share, fell ฿0.64 or 26.67% with THB 230 million in value. The share had plunged as much as 30% to ฿1.68/share in the morning session.
OCEAN has fallen five straight days for a total of 55.64% after the announcement of its 2018 financial statement that faced a deficit of THB 146.29 million, increased from THB 32.33 million of deficit in 2017.
Mrs. Chutchaya Traitrakulchai, OCEAN’s Vice Chairman of the Board of Directors, once asserted on February 27, 2019, the day that OCEAN fell after the announcement of 2018 financial statement, that as a major shareholder of OCEAN, she still had confidence in OCEAN’s business and would not sell any of her shares. Moreover, the deficit in 2018 was mostly due to the bad result of OCEAN’s previous business which is the faucet business.
As for OCEAN’s new business in crude palm oil, the company recorded revenue from sales and services in 2018 at the amount of THB 303.33 million. Earlier this year, OCEAN had signed a partnership contract with Bangchak Biofuels Co., Ltd. and also signed a contract with Global Inter Co., Ltd. to manage palm oil storage and harbor.
In 2019, OCEAN will fully start its operation in the new business. Having various projects to support its business fundamental, OCEAN will make an outstanding performance starting from the first quarter of 2019 to regain confidence in the market.