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Thai Stanley Electric fiscal Q1 profit falls YOY

Thai Stanley Electric PCL said its normalized net income for the fiscal first quarter ended June 30 came to 2.09 baht per share, a decline of 47.9% from 4.00 baht per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 159.8 million baht, a decrease of 47.9% from 306.5 million baht in the year-earlier period.

The normalized profit margin dropped to 7.8% from 10.8% in the year-earlier period.

Total revenue decreased 27.7% on an annual basis to 2.05 billion baht from 2.83 billion baht, and total operating expenses decreased 23.1% year over year to 1.82 billion baht from 2.37 billion baht.

Reported net income decreased 47.8% year over year to 204.5 million baht, or 2.67 baht per share, from 391.6 million baht, or 5.11 baht per share.

As of Aug. 8, US$1 was equivalent to 32.14 baht.