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Thai Textile Industry swings to profit in Q2

Thai Textile Industry PCL said its second-quarter normalized net income amounted to 2 satang per share, compared with a loss of 38 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 866,800 baht, compared with a loss of 18.3 million baht in the year-earlier period.

The normalized profit margin climbed to 0.1% from negative 1.9% in the year-earlier period.

Total revenue fell on an annual basis to 971.4 million baht from 988.2 million baht, and total operating expenses declined 5.2% on an annual basis to 946.4 million baht from 997.9 million baht.

Reported net income decreased 82.0% year over year to 1.3 million baht, or 3 satang per share, from 7.3 million baht, or 15 satang per share.

As of Aug. 17, US$1 was equivalent to 35.53 baht.