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Union Textile Industries swings to profit in Q4

Union Textile Industries Public Company Ltd said its normalized net income for the fourth quarter amounted to 10 satang per share, compared with a loss of 49 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 4.6 million baht, compared with a loss of 21.9 million baht in the prior-year period.

The normalized profit margin increased to 2.4% from negative 9.2% in the year-earlier period.

Total revenue fell 19.9% on an annual basis to 191.2 million baht from 238.8 million baht, and total operating expenses fell 32.7% from the prior-year period to 184.7 million baht from 274.6 million baht.

Reported net income totaled 1.6 million baht, or 4 satang per share, compared to a loss of 39.7 million baht, or a loss of 88 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled 40 satang per share, compared with a loss of 32 satang per share in the prior year.

Normalized net income was 18.0 million baht, compared with a loss of 14.3 million baht in the prior year.

Full-year total revenue declined 21.0% from the prior-year period to 753.8 million baht from 954.6 million baht, and total operating expenses decreased 26.1% on an annual basis to 732.7 million baht from 992.1 million baht.

The company said reported net income totaled 8.0 million baht, or 18 satang per share, in the full year, compared with a loss of 43.0 million baht, or a loss of 96 satang per share, the prior year.

As of Feb. 26, US$1 was equivalent to 35.74 baht.