67 SET companies report some flooding impact

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Floods have affected 67 listed companies representing 12% of total revenues and net profits of firms on the Stock Exchange of Thailand, says SET executive vice-president Chanitr Charnchainarong.

The 67 firms exclude those in Bang Kadi Industrial Park, which flooded on Thursday night. Ten firms reported severe losses or properties submerged, while the remainder had to shut down some operations or had supply disrupted.

He said the 67 companies comprised 11% of total market capitalisation.

Bangkok Post / PATTARACHAI PREECHAPANICH

Mr Chanitr expects the number of affected businesses will rise as there is no sign of floods ending and three industrial estates are in the risk zone.

“I believe most listed companies have insurance, but some might have limited coverage meaning they have to shoulder more of the losses themselves,” he said.

He said there only a few listed firms had plants in industrial estates.

“Most factories in industrial estates are multinationals listed on foreign exchanges. Hence, the indirect effect will be much more critical and the damage will…

Full story from Bangkok Post at http://goo.gl/ZOIiw