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Thai Wah profit misses consensus by 48.1% in Q4

Thai Wah PCL said its fourth-quarter normalized net income was 7 satang per share, compared with the S&P Capital IQ consensus estimate of 13 satang per share.

EPS fell 91.5% year over year from 80 satang.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 59.4 million baht, a decline of 5.1% from 62.6 million baht in the year-earlier period.

The normalized profit margin dropped to 4.3% from 5.7% in the year-earlier period.

Total revenue rose 27.3% on an annual basis to 1.39 billion baht from 1.10 billion baht, and total operating expenses increased 29.2% from the prior-year period to 1.29 billion baht from 1.00 billion baht.

Reported net income came to 80.7 million baht, or 9 satang per share, compared to 81.1 million baht, or 1.03 baht per share, in the year-earlier period.

For the year, the company's normalized net income totaled 80 satang per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 47 satang.

EPS declined 66.3% from 2.37 baht in the prior year.

Normalized net income was 222.8 million baht, a gain of 19.9% from 185.8 million baht in the prior year.

Full-year total revenue increased 13.9% year over year to 4.64 billion baht from 4.07 billion baht, and total operating expenses grew 14.4% on an annual basis to 4.34 billion baht from 3.79 billion baht.

The company said reported net income increased 15.1% year over year to 280.4 million baht, or 1.00 baht per share, in the full year, from 243.6 million baht, or 3.10 baht per share.

As of Feb. 23, US$1 was equivalent to 35.75 baht.