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Wave Entertainment swings to loss in Q1

Wave Entertainment PCL said its first-quarter normalized net income came to a loss of 2.2 million baht, compared with income of 31.2 million baht in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.6% from 6.4% in the year-earlier period.

Total revenue increased 37.5% year over year to 667.3 million baht from 485.3 million baht, and total operating expenses climbed 48.7% from the prior-year period to 667.9 million baht from 449.1 million baht.

Reported net income totaled a loss of 4.0 million baht, or a loss of 1 satang per share, compared to income of 44.1 million baht, or 14 satang per share, in the year-earlier period.

As of May 11, US$1 was equivalent to 35.21 baht.