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Siam Makro profit misses consensus by 27.2% in Q4

Siam Makro PCL said its fourth-quarter normalized net income was 23 satang per share, compared with the S&P Capital IQ consensus estimate of 32 satang per share.

In the prior-year period, the per-share result was a profit of 24 satang.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.12 billion baht, compared with 1.13 billion baht in the year-earlier period.

The normalized profit margin declined to 2.8% from 3.0% in the year-earlier period.

Total revenue increased 6.1% on an annual basis to 40.43 billion baht from 38.12 billion baht, and total operating expenses climbed 6.3% from the prior-year period to 38.60 billion baht from 36.29 billion baht.

Reported net income fell 6.2% year over year to 1.42 billion baht, or 30 satang per share, from 1.52 billion baht, or 32 satang per share.

For the year, the company's normalized net income totaled 89 satang per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.15 baht.

EPS rose 10.8% from 80 satang in the prior year.

Normalized net income was 4.27 billion baht, a rise of 10.8% from 3.85 billion baht in the prior year.

Full-year total revenue increased 9.4% year over year to 155.22 billion baht from 141.83 billion baht, and total operating expenses grew 9.3% on an annual basis to 148.17 billion baht from 135.54 billion baht.

The company said reported net income increased 9.3% year over year to 5.38 billion baht, or 1.12 baht per share, in the full year, from 4.92 billion baht, or 1.03 baht per share.

As of Feb. 19, US$1 was equivalent to 35.76 baht.