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Siam Food Products swings to loss in Q1

Siam Food Products PCL said its first-quarter normalized net income came to a loss of 1.16 baht per share, compared with 4.30 baht 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 24.4 million baht, compared with income of 90.3 million baht in the year-earlier period.

The normalized profit margin declined to negative 3.0% from 11.7% in the year-earlier period.

Total revenue grew 5.5% year over year to 813.2 million baht from 770.9 million baht, and total operating expenses climbed on an annual basis to 895.1 million baht from 853.8 million baht.

Reported net income totaled a loss of 26.8 million baht, or a loss of 1.28 baht per share, compared to income of 159.3 million baht, or 7.59 baht per share, in the prior-year period.

As of May 14, US$1 was equivalent to 33.48 baht.