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Mandarin Hotel swings to profit in Q1

Mandarin Hotel PCL said its normalized net income for the first quarter amounted to 4 satang per share, compared with a loss of 49 satang per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.1 million baht, compared with a loss of 13.1 million baht in the year-earlier period.

The normalized profit margin increased to 1.3% from negative 28.0% in the year-earlier period.

Total revenue climbed 72.5% year over year to 81.1 million baht from 47.0 million baht, and total operating expenses rose 18.5% year over year to 74.7 million baht from 63.0 million baht.

Reported net income came to 3.8 million baht, or 14 satang per share, compared to a loss of 17.0 million baht, or a loss of 63 satang per share, in the prior-year period.

As of May 14, US$1 was equivalent to 33.48 baht.