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Chiangmai Frozen Foods swings to profit in Q4

Chiangmai Frozen Foods PCL said its normalized net income for the fourth quarter came to 2 satang per share, compared with a loss of 2 satang per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.6 million baht, compared with a loss of 6.9 million baht in the prior-year period.

The normalized profit margin increased to 2.5% from negative 2.4% in the year-earlier period.

Total revenue increased 5.6% year over year to 305.3 million baht from 289.1 million baht, and total operating expenses decreased 7.0% year over year to 282.2 million baht from 303.4 million baht.

Reported net income totaled 8.2 million baht, or 2 satang per share, compared to a loss of 9.0 million baht, or a loss of 2 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled 25 satang per share, a gain from 12 satang per share in the prior year.

Normalized net income was 94.8 million baht, a gain from 44.1 million baht in the prior year.

Full-year total revenue amounted to 1.42 billion baht, compared with 1.41 billion baht in the prior year, and total operating expenses decreased 6.0% on an annual basis to 1.25 billion baht from 1.33 billion baht.

The company said reported net income increased 97.9% on an annual basis to 119.6 million baht, or 31 satang per share, in the full year, from 60.4 million baht, or 16 satang per share.

As of Feb. 29, US$1 was equivalent to 35.64 baht.