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MCOT PCL swings to loss in Q1

MCOT PCL said its normalized net income for the first quarter was a loss of 16 satang per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 satang per share.

The per-share result swung to a loss from the prior-year profit of 2 satang.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 110.9 million baht, compared with income of 14.0 million baht in the year-earlier period.

The normalized profit margin dropped to negative 15.4% from 1.6% in the year-earlier period.

Total revenue decreased 18.8% on an annual basis to 720.9 million baht from 887.9 million baht, and total operating expenses increased from the prior-year period to 894.1 million baht from 854.2 million baht.

Reported net income totaled a loss of 146.8 million baht, or a loss of 21 satang per share, compared to income of 15.8 million baht, or 2 satang per share, in the prior-year period.

As of May 11, US$1 was equivalent to 35.21 baht.