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Planet Communications Asia swings to loss in Q1

Planet Communications Asia Public Co. Ltd. said its first-quarter normalized net income came to a loss of 7 satang per share, compared with 2 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 17.7 million baht, compared with income of 3.9 million baht in the prior-year period.

The normalized profit margin fell to negative 16.0% from 2.0% in the year-earlier period.

Total revenue declined 43.6% year over year to 110.8 million baht from 196.3 million baht, and total operating expenses fell 28.1% year over year to 135.6 million baht from 188.6 million baht.

Reported net income came to a loss of 22.3 million baht, or a loss of 9 satang per share, compared to income of 4.7 million baht, or 2 satang per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 35.48 baht.