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Thai Textile Industry swings to loss in Q4

Thai Textile Industry PCL said its normalized net income for the fourth quarter came to a loss of 5 satang per share, compared with 42 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 a loss of 2.6 million baht, compared with income of 23.0 million baht in the prior-year period.

The normalized profit margin declined to 0.1% from 2.1% in the year-earlier period.

Total revenue decreased 11.6% year over year to 966.1 million baht from 1.09 billion baht, and total operating expenses fell 7.1% from the prior-year period to 961.8 million baht from 1.04 billion baht.

Reported net income declined 93.4% from the prior-year period to 2.3 million baht, or 5 satang per share, from 35.3 million baht, or 65 satang per share.

For the year, the company's normalized net income totaled 24.5 million baht, compared with income of 278,050 baht in the prior year.

Full-year total revenue declined from the prior-year period to 3.78 billion baht from 3.95 billion baht, and total operating expenses decreased on an annual basis to 3.74 billion baht from 3.86 billion baht.

The company said reported net income came to a loss of 24.1 million baht, or a loss of 48 satang per share, in the full year, compared with income of 6.7 million baht, or 13 satang per share, the prior year.

As of March 1, US$1 was equivalent to 35.02 baht.