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Union Textile Industries swings to profit in Q1

Union Textile Industries Public Company Ltd said its first-quarter normalized net income amounted to 1.5 million baht, compared with a loss of 43,130 baht in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.9% from negative 0.0% in the year-earlier period.

Total revenue fell 24.2% on an annual basis to 171.4 million baht from 226.2 million baht, and total operating expenses fell 23.3% year over year to 173.3 million baht from 225.8 million baht.

Reported net income totaled a loss of 4.2 million baht, or a loss of 9 satang per share, compared to a loss of 5.4 million baht, or a loss of 12 satang per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 33.74 baht.