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Thai HA swings to profit in Q4

Thai HA Public Company Ltd said its normalized net income for the fourth quarter was 2 satang per share, compared with a loss of 4 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 5.6 million baht, compared with a loss of 8.7 million baht in the prior-year period.

The normalized profit margin rose to 1.7% from negative 3.0% in the year-earlier period.

Total revenue rose 13.2% on an annual basis to 324.0 million baht from 286.1 million baht, and total operating expenses rose 5.0% from the prior-year period to 319.3 million baht from 304.2 million baht.

Reported net income totaled 8.8 million baht, or 3 satang per share, compared to a loss of 13.9 million baht, or a loss of 6 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled 578,780 baht, compared with a loss of -42.3 million baht in the prior year.

Full-year total revenue rose on an annual basis to 1.17 billion baht from 1.15 billion baht, and total operating expenses declined on an annual basis to 1.16 billion baht from 1.21 billion baht.

The company said reported net income came to 820,270 baht, or 0 satang per share, in the full year, compared with a loss of 67.7 million baht, or a loss of 30 satang per share, the prior year.

As of Feb. 29, US$1 was equivalent to 35.64 baht.