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Kiang Huat Sea Gull Q3 profit falls YOY

Kiang Huat Sea Gull Trading Frozen Food PCL said its third-quarter normalized net income came to 3.03 baht per share, a decline of 31.9% from 4.45 baht per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 22.7 million baht, a decrease of 31.9% from 33.4 million baht in the prior-year period.

The normalized profit margin declined to 2.1% from 5.3% in the year-earlier period.

Total revenue grew 72.8% year over year to 1.08 billion baht from 625.2 million baht, and total operating expenses increased 81.5% on an annual basis to 1.06 billion baht from 582.7 million baht.

Reported net income fell 30.3% year over year to 30.4 million baht, or 4.05 baht per share, from 43.6 million baht, or 5.81 baht per share.

As of Nov. 9, US$1 was equivalent to 34.98 baht.