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Thai Foods swings to loss in Q4

Thaifoods Group Public Company Ltd said its fourth-quarter normalized net income came to a loss of 176.6 million baht, compared with income of 4.0 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 4.1% from 0.1% in the year-earlier period.

Total revenue climbed year over year to 4.32 billion baht from 4.22 billion baht, and total operating expenses climbed 11.8% year over year to 4.62 billion baht from 4.14 billion baht.

Reported net income totaled a loss of 369.3 million baht, or a loss of 7 satang per share, compared to income of 31.5 million baht, or 1 satang per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 26 satang per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 31 satang.

EPS was 19 satang in the prior year.

Normalized net income was a loss of 1.13 billion baht, compared with income of 601.6 million baht in the prior year.

Full-year total revenue increased from the prior-year period to 17.36 billion baht from 17.07 billion baht, and total operating expenses rose 18.8% on an annual basis to 19.01 billion baht from 16.00 billion baht.

The company said reported net income totaled a loss of 1.57 billion baht, or a loss of 37 satang per share, in the full year, compared with income of 922.2 million baht, or 29 satang per share, the prior year.

As of Feb. 29, US$1 was equivalent to 35.64 baht.