Italthai Engineering Co, an engineering and construction service provider, cut its revenue target this year by 10% from 4.5 billion baht, citing the political turmoil, and began to focus more on neighbouring countries, particularly Myanmar.
President Sakol Laosuwan said Italthai now aims for turnover of 4 billion baht as political strife dampened business prospects in Thailand, including the 350-billion-baht water management projects.
"But there are ongoing projects started last year that will generate revenue of at least 3 billion baht," he said.
"With projects from private clients and neighbouring countries, it should decrease our risks from Thai government projects."
The company raised registered capital from 306 million baht to 530 million to expand business in Myanmar. Mr Sakol said Italthai is focused on thermal and alternative energy power plants there.
The company has been working on a feasibility study and seeking power plant partners to ensure future plans go smoothly.
"We see good opportunities for further infrastructure development in Myanmar. We strongly believe it’s the right move to work on solar power plants there with their taxes and laws," he said.
Last year, 80% of its revenue came from businesses and 20% from government projects.
Italthai also plans to concentrate on waste-water treatment systems, which have a market value of 10 billion baht a year, and high-voltage power distribution projects worth 20 billion baht annually. The company is constructing a waste-water treatment system in Rayong.