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Thai Steel Cable fiscal Q1 profit falls YOY

Thai Steel Cable Public Company Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, came to 6 satang per share, a decline of 14.9% from 7 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 16.1 million baht, a decline of 14.9% from 19.0 million baht in the year-earlier period.

The normalized profit margin dropped to 2.3% from 2.6% in the year-earlier period.

Total revenue fell on an annual basis to 709.3 million baht from 734.7 million baht, and total operating expenses fell from the prior-year period to 679.8 million baht from 701.7 million baht.

Reported net income decreased 12.6% from the prior-year period to 25.9 million baht, or 10 satang per share, from 29.6 million baht, or 11 satang per share.

As of Feb. 13, US$1 was equivalent to 32.57 baht.