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Thai HA swings to profit in Q1

Thai HA Public Company Ltd said its normalized net income for the first quarter was 1 satang per share, compared with a loss of 4 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 3.3 million baht, compared with a loss of 8.4 million baht in the year-earlier period.

The normalized profit margin increased to 1.2% from negative 3.0% in the year-earlier period.

Total revenue increased year over year to 285.2 million baht from 281.8 million baht, and total operating expenses declined 5.3% on an annual basis to 277.9 million baht from 293.5 million baht.

Reported net income totaled 5.3 million baht, or 2 satang per share, compared to a loss of 13.4 million baht, or a loss of 6 satang per share, in the year-earlier period.

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