NONTHABURI, THAILAND – SVI Public Co. reported first quarter consolidated sales of THB 3.2 billion (US$102.9 million), a decrease of 17.5% year-over-year, up 1.4% sequentially.

Communication and Network, Industrial Control, Automotive & Public Transportation and Medical Devices & Equipment were key sectors contributing to sales.

Consolidated net income was THB 227 million (US$7.3 million) an increase of 173.5% compared to the first quarter of 2019. Sequentially, net income increased THB 198 million (US$6.4 million).

Consolidated operating profit excluding other income was THB 101 million (US$3.2 million), up 173% year-over-year.

The challenging market environment from the spread of the coronavirus disrupted SVI’s supply chain. However, profitability improved due the depreciation of the Thai Baht. As the spread of the coronavirus slows, suppliers are expected to resume operations, allowing the company to fulfill its orders going into the next quarters.

Total consolidated assets in the first quarter were THB 10.7 billion, a decrease of THB 592 million sequentially. This is mainly due to the decrease in cash and current investments of THB 956 million, which were used for debt repayment and net working capital. Inventory increased by THB 331 million to THB 3.5 billion sequentially.

Ed.: THB 1 = US$0.03

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