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Tong Hua Holding swings to loss in Q1

Tong Hua Holding PCL said its first-quarter normalized net income was a loss of 7.7 million baht, compared with income of 564,250 baht in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 39.4% from 2.4% in the year-earlier period.

Total revenue grew 65.1% on an annual basis to 38.6 million baht from 23.4 million baht, and total operating expenses increased on an annual basis to 55.3 million baht from 24.5 million baht.

Reported net income came to a loss of 16.4 million baht, or a loss of 2 satang per share, compared to a loss of 1.9 million baht, or a loss of 0 satang per share, in the prior-year period.

As of May 16, US$1 was equivalent to 35.39 baht.