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Truong Thanh Furniture swings to profit in Q1

Truong Thanh Furniture Corp. said its normalized net income for the first quarter came to 238.91 dong per share, compared with a loss of 95.02 dong per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 23.90 billion dong, compared with a loss of 6.99 billion dong in the year-earlier period.

The normalized profit margin increased to 4.0% from negative 4.3% in the year-earlier period.

Total revenue grew year over year to 728.29 billion dong from 161.15 billion dong, and total operating expenses increased from the prior-year period to 656.54 billion dong from 124.04 billion dong.

Reported net income totaled 27.85 billion dong, or 278.31 dong per share, compared to a loss of 13.41 billion dong, or a loss of 182.34 dong per share, in the year-earlier period.

As of May 29, US$1 was equivalent to 21,815 dong.