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United Palm Oil Industry swings to loss in Q1

United Palm Oil Industry PCL said its normalized net income for the first quarter came to a loss of 5 satang per share, compared with 7 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 a loss of 17.8 million baht, compared with income of 24.2 million baht in the year-earlier period.

The normalized profit margin fell to negative 4.7% from 11.8% in the year-earlier period.

Total revenue increased 84.4% on an annual basis to 377.3 million baht from 204.7 million baht, and total operating expenses climbed from the prior-year period to 404.1 million baht from 163.7 million baht.

Reported net income totaled a loss of 22.7 million baht, or a loss of 7 satang per share, compared to income of 34.1 million baht, or 11 satang per share, in the prior-year period.

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