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Team Precision swings to loss in Q1

Team Precision PCL said its first-quarter normalized net income was a loss of 22.6 million baht, compared with income of 3.8 million baht in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 10.2% from 1.0% in the year-earlier period.

Total revenue fell 43.9% on an annual basis to 222.0 million baht from 395.9 million baht, and total operating expenses declined 33.8% year over year to 257.6 million baht from 389.4 million baht.

Reported net income came to a loss of 35.9 million baht, or a loss of 6 satang per share, compared to income of 5.6 million baht, or 1 satang per share, in the prior-year period.

As of May 12, US$1 was equivalent to 35.33 baht.