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Chai Watana Tannery swings to profit in Q3

Chai Watana Tannery Group Public Company Ltd said its third-quarter normalized net income came to 683,750 baht, compared with a loss of 5.4 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 rose to 0.2% from negative 2.3% in the year-earlier period.

Total revenue rose 38.1% year over year to 326.2 million baht from 236.2 million baht, and total operating expenses increased 28.1% from the prior-year period to 309.8 million baht from 241.9 million baht.

Reported net income came to 1.2 million baht, or 0 satang per share, compared to a loss of 1.6 million baht, or a loss of 0 satang per share, in the year-earlier period.

As of Nov. 11, US$1 was equivalent to 35.84 baht.