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Pan Asia Footwear swings to profit in Q4

Pan Asia Footwear Public Company Ltd said its normalized net income for the fourth quarter amounted to 10 satang per share, compared with a loss of 2 satang per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 57.6 million baht, compared with a loss of 6.6 million baht in the year-earlier period.

The normalized profit margin increased to 32.1% from negative 4.3% in the year-earlier period.

Total revenue rose 31.5% on an annual basis to 202.1 million baht from 153.7 million baht, and total operating expenses fell 33.9% on an annual basis to 100.6 million baht from 152.2 million baht.

Reported net income totaled 117.8 million baht, or 21 satang per share, compared to a loss of 12.9 million baht, or a loss of 4 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled 9 satang per share, an increase from 1 satang per share in the prior year.

Normalized net income was 49.3 million baht, a rise from 7.3 million baht in the prior year.

Full-year total revenue grew on an annual basis to 596.2 million baht from 575.2 million baht, and total operating expenses declined 7.4% on an annual basis to 499.0 million baht from 538.7 million baht.

The company said reported net income grew on an annual basis to 164.0 million baht, or 30 satang per share, in the full year, from 31.7 million baht, or 6 satang per share.

As of Feb. 25, US$1 was equivalent to 35.66 baht.