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Asia Fiber swings to loss in fiscal Q2

Asia Fiber PCL said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 19 satang per share, compared with 10 satang per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 8.4 million baht, compared with income of 4.7 million baht in the year-earlier period.

The normalized profit margin dropped to negative 3.7% from 2.0% in the year-earlier period.

Total revenue declined 6.0% on an annual basis to 224.4 million baht from 238.8 million baht, and total operating expenses increased year over year to 243.3 million baht from 238.6 million baht.

Reported net income came to a loss of 12.7 million baht, or a loss of 28 satang per share, compared to income of 7.2 million baht, or 16 satang per share, in the year-earlier period.

As of Feb. 16, US$1 was equivalent to 32.59 baht.