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Tropical Canning (Thailand) swings to loss in Q2

Tropical Canning (Thailand) Public Co. Ltd said its second-quarter normalized net income was a loss of 2 satang per share, compared with 12 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 a loss of 5.4 million baht, compared with income of 41.1 million baht in the prior-year period.

The normalized profit margin declined to negative 0.6% from 3.5% in the year-earlier period.

Total revenue decreased 17.4% year over year to 964.5 million baht from 1.17 billion baht, and total operating expenses decreased 12.9% from the prior-year period to 978.8 million baht from 1.12 billion baht.

Reported net income came to a loss of 10.8 million baht, or a loss of 3 satang per share, compared to income of 57.8 million baht, or 18 satang per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to 34.73 baht.