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People's Garment swings to loss in Q3

People's Garment Public Company Ltd said its third-quarter normalized net income was a loss of 9 satang per share, compared with 3 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 9.0 million baht, compared with income of 3.0 million baht in the prior-year period.

The normalized profit margin declined to negative 4.4% from 1.0% in the year-earlier period.

Total revenue declined 33.3% year over year to 202.6 million baht from 303.6 million baht, and total operating expenses declined 27.4% on an annual basis to 217.0 million baht from 298.8 million baht.

Reported net income totaled a loss of 13.3 million baht, or a loss of 14 satang per share, compared to income of 7.5 million baht, or 8 satang per share, in the year-earlier period.

As of Nov. 16, US$1 was equivalent to 35.96 baht.