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Thai Rung Union Car Q1 profit falls YOY

Thai Rung Union Car Public Company Ltd said its normalized net income for the first quarter came to 4 satang per share, a decrease of 36.7% from 6 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 22.2 million baht, a decline of 36.7% from 35.1 million baht in the year-earlier period.

The normalized profit margin dropped to 4.0% from 5.9% in the year-earlier period.

Total revenue fell 7.1% year over year to 553.5 million baht from 596.1 million baht, and total operating expenses fell year over year to 556.0 million baht from 578.4 million baht.

Reported net income decreased 38.6% from the prior-year period to 32.2 million baht, or 5 satang per share, from 52.4 million baht, or 9 satang per share.

As of May 12, US$1 was equivalent to 33.74 baht.