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T.Krungthai Industries swings to loss in Q1

T.Krungthai Industries Public Company Ltd said its first-quarter normalized net income amounted to a loss of 1 satang per share, compared with 3 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 2.8 million baht, compared with income of 6.4 million baht in the year-earlier period.

The normalized profit margin dropped to negative 0.8% from 1.5% in the year-earlier period.

Total revenue declined 15.6% year over year to 353.3 million baht from 418.6 million baht, and total operating expenses fell 12.2% year over year to 355.4 million baht from 404.7 million baht.

Reported net income totaled a loss of 4.7 million baht, or a loss of 2 satang per share, compared to income of 8.7 million baht, or 4 satang per share, in the year-earlier period.

As of May 14, US$1 was equivalent to 33.48 baht.