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Siam Food Products swings to profit in Q2

Siam Food Products PCL said its second-quarter normalized net income amounted to 2.82 baht per share, compared with a loss of 1.74 baht per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 59.1 million baht, compared with a loss of 36.6 million baht in the year-earlier period.

The normalized profit margin rose to 5.0% from negative 3.5% in the year-earlier period.

Total revenue climbed 13.0% on an annual basis to 1.17 billion baht from 1.04 billion baht, and total operating expenses increased from the prior-year period to 1.10 billion baht from 1.08 billion baht.

Reported net income came to 98.3 million baht, or 4.68 baht per share, compared to a loss of 44.9 million baht, or a loss of 2.14 baht per share, in the prior-year period.

As of Aug. 15, US$1 was equivalent to 34.58 baht.