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People's Garment swings to loss in Q4

People's Garment Public Company Ltd said its normalized net income for the fourth quarter was a loss of 11 satang per share, compared with 8 satang per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 10.8 million baht, compared with income of 7.2 million baht in the prior-year period.

The normalized profit margin declined to negative 5.3% from 2.6% in the year-earlier period.

Total revenue fell 26.2% year over year to 207.7 million baht from 281.5 million baht, and total operating expenses fell 16.7% on an annual basis to 224.9 million baht from 269.9 million baht.

Reported net income totaled a loss of 13.6 million baht, or a loss of 15 satang per share, compared to income of 13.8 million baht, or 14 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled 7 satang per share, a fall of 80.6% from 37 satang per share in the prior year.

Normalized net income was 6.8 million baht, a fall of 80.6% from 35.2 million baht in the prior year.

Full-year total revenue fell 18.1% from the prior-year period to 1.01 billion baht from 1.24 billion baht, and total operating expenses decreased 15.2% on an annual basis to 1.00 billion baht from 1.18 billion baht.

The company said reported net income fell 77.1% year over year to 13.5 million baht, or 14 satang per share, in the full year, from 59.2 million baht, or 62 satang per share.

As of Feb. 18, US$1 was equivalent to 35.59 baht.