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Pan Asia Footwear swings to loss in Q3

Pan Asia Footwear Public Company Ltd said its normalized net income for the third quarter amounted to a loss of 1.4 million baht, compared with income of 7.2 million baht in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 1.1% from 4.7% in the year-earlier period.

Total revenue fell 13.8% year over year to 131.4 million baht from 152.4 million baht, and total operating expenses declined on an annual basis to 133.2 million baht from 137.6 million baht.

Reported net income totaled a loss of 4.5 million baht, or a loss of 1 satang per share, compared to income of 26.3 million baht, or 5 satang per share, in the year-earlier period.

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