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Kiang Huat Sea Gull swings to loss in Q1

Kiang Huat Sea Gull Trading Frozen Food PCL said its first-quarter normalized net income amounted to a loss of 6.06 baht per share, compared with 21 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 45.4 million baht, compared with income of 1.6 million baht in the year-earlier period.

The normalized profit margin dropped to negative 14.1% from 0.3% in the year-earlier period.

Total revenue fell 47.3% year over year to 323.0 million baht from 612.3 million baht, and total operating expenses fell 36.2% from the prior-year period to 404.7 million baht from 634.4 million baht.

Reported net income came to a loss of 59.8 million baht, or a loss of 7.97 baht per share, compared to income of 17.6 million baht, or 2.34 baht per share, in the year-earlier period.

As of May 14, US$1 was equivalent to 33.48 baht.