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Tropical Canning (Thailand) swings to loss in Q3

Tropical Canning (Thailand) Public Co. Ltd said its normalized net income for the third quarter amounted to a loss of 12 satang per share, compared with 13 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 a loss of 40.1 million baht, compared with income of 44.4 million baht in the year-earlier period.

The normalized profit margin declined to negative 4.0% from 3.7% in the year-earlier period.

Total revenue fell 14.8% on an annual basis to 1.01 billion baht from 1.18 billion baht, and total operating expenses fell 6.5% year over year to 1.07 billion baht from 1.15 billion baht.

Reported net income totaled a loss of 48.1 million baht, or a loss of 15 satang per share, compared to income of 62.8 million baht, or 19 satang per share, in the year-earlier period.

As of Nov. 11, US$1 was equivalent to 35.43 baht.