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Fortune Parts Industry Q4 profit falls YOY

Fortune Parts Industry Public Co. Ltd. said its fourth-quarter normalized net income came to 3 satang per share, a decline of 27.2% from 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 36.8 million baht, a decline of 15.8% from 43.6 million baht in the year-earlier period.

The normalized profit margin dropped to 7.3% from 8.1% in the year-earlier period.

Total revenue decreased 6.9% on an annual basis to 501.5 million baht from 538.5 million baht, and total operating expenses decreased 9.6% from the prior-year period to 423.8 million baht from 468.5 million baht.

Reported net income decreased 7.9% from the prior-year period to 55.5 million baht, or 4 satang per share, from 60.2 million baht, or 5 satang per share.

For the year, the company's normalized net income totaled 12 satang per share, a fall of 10.3% from 13 satang per share in the prior year.

Normalized net income was 152.3 million baht, a fall from 154.8 million baht in the prior year.

Full-year total revenue grew year over year to 1.86 billion baht from 1.82 billion baht, and total operating expenses increased on an annual basis to 1.57 billion baht from 1.55 billion baht.

The company said reported net income declined on an annual basis to 197.4 million baht, or 15 satang per share, in the full year, from 203.9 million baht, or 17 satang per share.

As of Feb. 19, US$1 was equivalent to 35.76 baht.