Shares of Italian-Thai Development Public Company Limited (SET: ITD) saw a significant drop in value in the morning session on Monday following the devastating earthquake last Friday. The price was down 23% to THB 0.20 per share as of 11:40 BKK time.
The sharp decline is largely attributed to concerns following the collapse of the Office of the Auditor General (OAG) building after an earthquake on March 28, 2568. The building was constructed by a joint venture between ITD and China Railway Construction Corporation (Thailand) Limited. The project’s contract, valued at 2.136 billion baht, has raised questions about the legal liabilities of contractors involved in public sector infrastructure projects.
A review of ITD’s latest financial statement reveals that the company posted a net loss of 5.77 billion baht at the end of 2024. The expected credit loss for the same year was 2.221 billion baht, an increase of 2.104 billion baht from the previous year. This increase is primarily due to payment delays from certain clients in the large-scale industrial plant construction segment.
In response to the March 28 earthquake, which led to the collapse of the OAG building still under construction, resulting in several casualties and injuries, ITD expressed its deepest condolences to the families of the victims and those affected.
As a key player in the ITD-CRCC joint venture, the company has mobilized its engineering team and machinery to fully support government agencies in their urgent relief efforts. ITD is committed to restoring the situation to normalcy as swiftly as possible and assures continued assistance to the families of victims and appropriate medical care for the injured.
Despite this incident, ITD maintains that its operations and the progress of other construction projects will remain unaffected. The company will continue to monitor developments closely and provide updates regularly.
