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Hwa Fong Rubber (Thailand) Public Q1 profit falls YOY

Hwa Fong Rubber (Thailand) Public Company Ltd said its normalized net income for the first quarter amounted to 10 satang per share, a decline from 10 satang per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 65.0 million baht, a decrease from 67.3 million baht in the year-earlier period.

The normalized profit margin fell to 9.8% from 10.5% in the year-earlier period.

Total revenue rose year over year to 666.7 million baht from 638.6 million baht, and total operating expenses grew from the prior-year period to 547.6 million baht from 530.8 million baht.

Reported net income totaled 85.8 million baht, or 13 satang per share, compared to 86.0 million baht, or 13 satang per share, in the year-earlier period.

As of May 6, US$1 was equivalent to 33.23 baht.