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East Coast Furnitech Q4 profit climbs 83.4% YOY

East Coast Furnitech Public Company Ltd said its normalized net income for the fourth quarter came to 3 satang per share, a gain from 1 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 15.0 million baht, an increase of 83.4% from 8.2 million baht in the year-earlier period.

The normalized profit margin increased to 4.0% from 2.8% in the year-earlier period.

Total revenue rose 29.7% on an annual basis to 375.3 million baht from 289.3 million baht, and total operating expenses increased 29.5% from the prior-year period to 347.3 million baht from 268.2 million baht.

Reported net income rose 53.5% on an annual basis to 18.2 million baht, or 3 satang per share, from 11.8 million baht, or 2 satang per share.

For the year, the company's normalized net income totaled 11 satang per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 9 satang.

EPS rose 25.3% from 8 satang in the prior year.

Normalized net income was 57.8 million baht, a gain of 11.9% from 51.7 million baht in the prior year.

Full-year total revenue increased 10.3% from the prior-year period to 1.35 billion baht from 1.23 billion baht, and total operating expenses rose 10.8% on an annual basis to 1.23 billion baht from 1.11 billion baht.

The company said reported net income increased 8.1% year over year to 75.5 million baht, or 14 satang per share, in the full year, from 69.8 million baht, or 11 satang per share.

As of Feb. 24, US$1 was equivalent to 35.69 baht.