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Kiang Huat Sea Gull Q2 profit climbs YOY

Kiang Huat Sea Gull Trading Frozen Food PCL said its normalized net income for the second quarter came to 3.98 baht per share, an increase from 5 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 29.8 million baht, an increase from 337,750 baht in the year-earlier period.

The normalized profit margin rose to 4.4% from 0.0% in the year-earlier period.

Total revenue fell 10.2% on an annual basis to 674.5 million baht from 751.3 million baht, and total operating expenses declined 15.5% from the prior-year period to 635.8 million baht from 752.4 million baht.

Reported net income grew on an annual basis to 41.5 million baht, or 5.54 baht per share, from 1.4 million baht, or 18 satang per share.

As of Aug. 11, US$1 was equivalent to 34.73 baht.