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Siam Food Products swings to profit in Q4

Siam Food Products PCL said its fourth-quarter normalized net income amounted to 3.41 baht per share, compared with a loss of 1.41 baht per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 71.6 million baht, compared with a loss of 29.6 million baht in the prior-year period.

The normalized profit margin climbed to 7.1% from negative 3.8% in the year-earlier period.

Total revenue grew 30.6% year over year to 1.01 billion baht from 772.1 million baht, and total operating expenses climbed 7.9% from the prior-year period to 927.1 million baht from 859.2 million baht.

Reported net income totaled 66.7 million baht, or 3.17 baht per share, compared to a loss of 2.4 million baht, or a loss of 11 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 2.46 baht per share, compared with a loss of 77 satang per share in the prior year.

Normalized net income was a loss of 51.6 million baht, compared with a loss of 16.2 million baht in the prior year.

Full-year total revenue rose on an annual basis to 3.69 billion baht from 3.53 billion baht, and total operating expenses declined on an annual basis to 3.76 billion baht from 3.86 billion baht.

The company said reported net income totaled a loss of 88.5 million baht, or a loss of 4.21 baht per share, in the full year, compared with income of 35.4 million baht, or 1.69 baht per share, the prior year.

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