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New Plus Knitting Q4 profit falls YOY

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New Plus Knitting Q4 profit falls YOY

New Plus Knitting Public Company Ltd said its normalized net income for the fourth quarter came to 4 satang per share, a decline of 91.6% from 51 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 427,870 baht, a decline of 91.6% from 5.1 million baht in the year-earlier period.

The normalized profit margin declined to 0.5% from 5.4% in the year-earlier period.

Total revenue fell 5.2% on an annual basis to 88.5 million baht from 93.4 million baht, and total operating expenses grew on an annual basis to 85.9 million baht from 82.6 million baht.

Reported net income decreased 85.4% on an annual basis to 1.0 million baht, or 10 satang per share, from 7.1 million baht, or 71 satang per share.

For the year, the company's normalized net income totaled 2.25 baht per share, an increase of 16.6% from 1.93 baht per share in the prior year.

Normalized net income was 22.5 million baht, a gain of 16.6% from 19.3 million baht in the prior year.

Full-year total revenue decreased year over year to 374.6 million baht from 383.9 million baht, and total operating expenses fell year over year to 331.0 million baht from 347.9 million baht.

The company said reported net income rose 10.8% year over year to 28.0 million baht, or 2.80 baht per share, in the full year, from 25.2 million baht, or 2.52 baht per share.

As of Feb. 26, US$1 was equivalent to 35.74 baht.