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Chumporn Palm Oil Industry swings to loss in Q1

Chumporn Palm Oil Industry PCL said its normalized net income for the first quarter was a loss of 6 satang per share, compared with 2 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 a loss of 35.4 million baht, compared with income of 9.0 million baht in the prior-year period.

The normalized profit margin dropped to negative 3.8% from 0.7% in the year-earlier period.

Total revenue declined 23.6% year over year to 928.8 million baht from 1.22 billion baht, and total operating expenses declined 18.0% from the prior-year period to 977.4 million baht from 1.19 billion baht.

Reported net income totaled a loss of 45.1 million baht, or a loss of 8 satang per share, compared to income of 10.9 million baht, or 2 satang per share, in the year-earlier period.

As of May 11, US$1 was equivalent to 33.71 baht.