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MK Restaurant Q4 profit falls 27.0% YOY

MK Restaurant Group PCL said its normalized net income for the fourth quarter amounted to 40 satang per share, compared with the S&P Capital IQ consensus estimate of 41 satang per share.

EPS declined 26.4% year over year from 54 satang.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 364.3 million baht, a decline of 27.0% from 498.9 million baht in the prior-year period.

The normalized profit margin dropped to 10.0% from 13.2% in the year-earlier period.

Total revenue declined year over year to 3.66 billion baht from 3.79 billion baht, and total operating expenses rose from the prior-year period to 3.11 billion baht from 3.07 billion baht.

Reported net income declined 23.3% from the prior-year period to 495.6 million baht, or 54 satang per share, from 646.4 million baht, or 70 satang per share.

For the year, the company's normalized net income totaled 1.55 baht per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2.19 baht.

EPS declined 9.9% from 1.72 baht in the prior year.

Normalized net income was 1.42 billion baht, a decline of 10.0% from 1.58 billion baht in the prior year.

Full-year total revenue amounted to 14.64 billion baht, compared with 14.62 billion baht in the prior year, and total operating expenses grew on an annual basis to 12.55 billion baht from 12.37 billion baht.

The company said reported net income declined 9.0% year over year to 1.86 billion baht, or 2.02 baht per share, in the full year, from 2.04 billion baht, or 2.22 baht per share.

As of Feb. 25, US$1 was equivalent to 35.66 baht.