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Grande Asset Hotels & Property swings to loss in Q2

Grande Asset Hotels and Property Public Company Ltd said its normalized net income for the second quarter amounted to a loss of 2 satang per share, compared with 2 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 a loss of 46.9 million baht, compared with income of 51.3 million baht in the prior-year period.

The normalized profit margin declined to negative 15.9% from 5.0% in the year-earlier period.

Total revenue fell 71.5% year over year to 294.9 million baht from 1.03 billion baht, and total operating expenses fell 61.6% from the prior-year period to 348.5 million baht from 908.2 million baht.

Reported net income came to a loss of 72.5 million baht, or a loss of 3 satang per share, compared to income of 65.9 million baht, or 2 satang per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to 35.16 baht.