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Sub Sri Thai swings to loss in Q4

Sub Sri Thai Public Company Ltd said its normalized net income for the fourth quarter amounted to a loss of 690,150 baht, compared with income of 20.1 million baht in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 0.0% from 2.6% in the year-earlier period.

Total revenue rose 5.6% year over year to 822.8 million baht from 779.4 million baht, and total operating expenses grew 7.1% from the prior-year period to 800.5 million baht from 747.2 million baht.

Reported net income came to a loss of 4.8 million baht, or a loss of 1 satang per share, compared to a loss of 2.2 million baht, or a loss of 0 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled 29.9 million baht, compared with income of 2.9 million baht in the prior year.

Full-year total revenue rose 26.3% on an annual basis to 3.18 billion baht from 2.52 billion baht, and total operating expenses grew 28.9% on an annual basis to 3.16 billion baht from 2.45 billion baht.

The company said reported net income totaled a loss of 64.0 million baht, or a loss of 14 satang per share, in the full year, compared with income of 395.8 million baht, or 87 satang per share, the prior year.

As of Feb. 26, US$1 was equivalent to 35.74 baht.