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United Palm Oil Industry swings to loss in Q3

United Palm Oil Industry PCL said its third-quarter normalized net income was a loss of 3 satang per share, compared with 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 a loss of 8.4 million baht, compared with income of 12.1 million baht in the prior-year period.

The normalized profit margin fell to negative 2.6% from 4.5% in the year-earlier period.

Total revenue rose 19.7% on an annual basis to 319.3 million baht from 266.7 million baht, and total operating expenses increased 32.9% on an annual basis to 334.8 million baht from 251.9 million baht.

Reported net income came to a loss of 12.4 million baht, or a loss of 4 satang per share, compared to income of 17.5 million baht, or 5 satang per share, in the year-earlier period.

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