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Thai Foods swings to loss in Q3

Thaifoods Group Public Company Ltd said its third-quarter normalized net income amounted to a loss of 6 satang per share, compared with 7 satang per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 227.9 million baht, compared with income of 178.6 million baht in the prior-year period.

The normalized profit margin declined to negative 4.6% from 3.8% in the year-earlier period.

Total revenue climbed 6.0% on an annual basis to 4.94 billion baht from 4.66 billion baht, and total operating expenses increased 20.6% on an annual basis to 5.24 billion baht from 4.34 billion baht.

Reported net income totaled a loss of 276.0 million baht, or a loss of 7 satang per share, compared to income of 247.9 million baht, or 10 satang per share, in the year-earlier period.

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