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Hwa Fong Rubber (Thailand) Public Q2 profit climbs 84.1% YOY

Hwa Fong Rubber (Thailand) Public Company Ltd said its normalized net income for the second quarter was 13 satang per share, a gain of 84.2% from 7 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 84.8 million baht, a gain of 84.1% from 46.1 million baht in the year-earlier period.

The normalized profit margin climbed to 13.2% from 8.1% in the year-earlier period.

Total revenue climbed 14.5% on an annual basis to 652.7 million baht from 570.0 million baht, and total operating expenses rose 7.2% from the prior-year period to 532.1 million baht from 496.2 million baht.

Reported net income grew 79.6% on an annual basis to 106.2 million baht, or 16 satang per share, from 59.1 million baht, or 9 satang per share.

As of Aug. 6, US$1 was equivalent to 35.15 baht.