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Seafresh Industry Q4 profit falls YOY

Seafresh Industry PCL said its fourth-quarter normalized net income came to 16 satang per share, a decline of 27.0% from 21 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 72.8 million baht, a decrease of 26.1% from 98.5 million baht in the prior-year period.

The normalized profit margin declined to 3.1% from 3.7% in the year-earlier period.

Total revenue fell 10.7% on an annual basis to 2.39 billion baht from 2.67 billion baht, and total operating expenses decreased 12.5% on an annual basis to 2.15 billion baht from 2.46 billion baht.

Reported net income fell 20.7% on an annual basis to 135.2 million baht, or 29 satang per share, from 170.5 million baht, or 37 satang per share.

For the year, the company's normalized net income totaled 61 satang per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 61 satang.

EPS rose 10.2% from 56 satang in the prior year.

Normalized net income was 284.9 million baht, a gain of 10.9% from 256.9 million baht in the prior year.

Full-year total revenue decreased 7.0% on an annual basis to 7.83 billion baht from 8.42 billion baht, and total operating expenses fell 8.1% year over year to 7.28 billion baht from 7.91 billion baht.

The company said reported net income increased 12.0% on an annual basis to 458.9 million baht, or 99 satang per share, in the full year, from 409.9 million baht, or 89 satang per share.

As of Feb. 25, US$1 was equivalent to 35.66 baht.