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Asian Seafoods Coldstorage Q1 profit falls YOY

Asian Seafoods Coldstorage Public Co. Ltd said its normalized net income for the first quarter amounted to 1 satang per share, a decrease of 60.1% from 4 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 7.6 million baht, a decrease of 60.1% from 19.0 million baht in the year-earlier period.

The normalized profit margin dropped to 0.4% from 1.1% in the year-earlier period.

Total revenue increased 18.8% year over year to 2.00 billion baht from 1.69 billion baht, and total operating expenses increased 20.9% on an annual basis to 1.95 billion baht from 1.62 billion baht.

Reported net income fell 63.5% on an annual basis to 10.8 million baht, or 2 satang per share, from 29.6 million baht, or 6 satang per share.

As of May 12, US$1 was equivalent to 35.33 baht.