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Ocean Glass Q1 profit climbs 71.8% YOY

Ocean Glass PCL said its normalized net income for the first quarter was 1.57 baht per share, an increase of 71.8% from 91 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 33.4 million baht, an increase of 71.8% from 19.4 million baht in the year-earlier period.

The normalized profit margin climbed to 8.3% from 4.2% in the year-earlier period.

Total revenue declined 12.8% year over year to 403.0 million baht from 462.1 million baht, and total operating expenses declined 19.4% on an annual basis to 338.7 million baht from 420.4 million baht.

Reported net income came to 15.6 million baht, or 73 satang per share, compared to a loss of 28.8 million baht, or a loss of 1.35 baht per share, in the prior-year period.

As of May 12, US$1 was equivalent to 33.74 baht.