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Sappe profit misses consensus by 25.7% in Q1

Sappe PCL said its first-quarter normalized net income amounted to 22 satang per share, compared with the S&P Capital IQ consensus estimate of 29 satang per share.

EPS fell 55.5% year over year from 48 satang.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 65.2 million baht, a decrease of 40.2% from 108.9 million baht in the prior-year period.

The normalized profit margin dropped to 11.5% from 13.9% in the year-earlier period.

Total revenue declined 27.5% year over year to 567.2 million baht from 782.1 million baht, and total operating expenses declined 22.2% on an annual basis to 471.6 million baht from 606.1 million baht.

Reported net income declined 42.7% on an annual basis to 81.6 million baht, or 27 satang per share, from 142.5 million baht, or 63 satang per share.

As of May 13, US$1 was equivalent to 33.55 baht.