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Shares of Italian-Thai Development (ITD), a one-stop service contractor, surged by more than 20 per cent Tuesday after reporting a turnaround in its first-quarter earnings of 247 million baht from a loss of 330.7 million baht a year earlier.
ITD had jumped by 24.86 per cent by mid-day break, the biggest percentage jump during the morning session, to 2.16 baht, with a transaction value of 1.5 billion baht.
The swing from loss to profit meant the company recorded a year-on-year increase in net profit in the first quarter of 578 million baht, said senior director Nijaporn Charanachita.
ITD’s revenues from construction work, sales and services in the first quarter stood at 15 billion baht, yielding a 498-million-baht surge compared to a year earlier driven by oversea subsidiaries and joint ventures income, including local projects.
The company also earned 163 million baht from foreign exchange rate, surging 215 million baht compared to the first quarter of 2020, according to the statement.
However, with reports of Covid-19 infections among construction sites, ITD announced on Monday that it has closed the construction site at the Laksi area of Bangkok for screening high-risk groups and disinfection and imposed a containment measure in the area.
“We insist on doing our best to help employees meet the hygiene standards,” said ITD, as it intended to address the concerns for the surrounding communities.