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Kiang Huat Sea Gull Q3 profit climbs 76.2% YOY

Kiang Huat Sea Gull Trading Frozen Food PCL said its normalized net income for the third quarter was 4.45 baht per share, a gain of 76.2% from 2.53 baht per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 33.4 million baht, a gain of 76.2% from 18.9 million baht in the year-earlier period.

The normalized profit margin rose to 5.3% from 2.2% in the year-earlier period.

Total revenue declined 28.3% on an annual basis to 625.2 million baht from 872.1 million baht, and total operating expenses declined 32.0% from the prior-year period to 582.7 million baht from 857.5 million baht.

Reported net income increased 46.1% from the prior-year period to 43.6 million baht, or 5.81 baht per share, from 29.9 million baht, or 3.98 baht per share.

As of Nov. 12, US$1 was equivalent to 35.85 baht.