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Thai Luxe Enterprises swings to loss in Q3

Thai Luxe Enterprises Public Company Ltd said its third-quarter normalized net income amounted to a loss of 7.1 million baht, compared with income of 3.7 million baht in the year-earlier period.

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

The normalized profit margin declined to negative 1.5% from 0.6% in the year-earlier period.

Total revenue declined 8.0% on an annual basis to 536.1 million baht from 582.8 million baht, and total operating expenses fell 7.2% year over year to 534.6 million baht from 576.0 million baht.

Reported net income totaled a loss of 8.4 million baht, or a loss of 1 satang per share, compared to income of 3.0 million baht, or 1 satang per share, in the year-earlier period.

As of Nov. 12, US$1 was equivalent to 35.85 baht.