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Asian Seafoods Coldstorage swings to profit in Q4

Asian Seafoods Coldstorage PCL said its normalized net income for the fourth quarter came to 6 satang per share, compared with a loss of 6 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 30.9 million baht, compared with a loss of 34.7 million baht in the year-earlier period.

The normalized profit margin increased to 1.4% from negative 1.7% in the year-earlier period.

Total revenue climbed 13.1% year over year to 2.31 billion baht from 2.04 billion baht, and total operating expenses grew 5.0% from the prior-year period to 2.23 billion baht from 2.12 billion baht.

Reported net income came to 50.1 million baht, or 9 satang per share, compared to a loss of 98.7 million baht, or a loss of 18 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled 22 satang per share, compared with a loss of 10 satang per share in the prior year.

Normalized net income was 117.5 million baht, compared with a loss of 52.2 million baht in the prior year.

Full-year total revenue rose from the prior-year period to 7.94 billion baht from 7.76 billion baht, and total operating expenses fell year over year to 7.73 billion baht from 7.87 billion baht.

The company said reported net income came to 182.6 million baht, or 34 satang per share, in the full year, compared with a loss of 128.9 million baht, or a loss of 24 satang per share, the prior year.

As of March 2, US$1 was equivalent to 35.53 baht.