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Thailand-based EMS firm SVI Public Co. Ltd posted consolidated sales of THB3.46 billion ($114.7 million) for the first quarter of 2021, up by 7.7% compared to the same period last year. Compared to the fourth quarter of 2020, Q1 2021 was down by 6.4% mainly due to the material shortages throughout the industry, while demand from customers continue to be strong. Communications and Network, Industrial Control, and Automotive and Public Transportation were key contributors to sales this quarter.
SVI reported consolidated gross profit for of THB280 million ($9.3 million) for Q1 2021, down by 3.4% from the same quarter last year. Consolidated gross profit margins contracted to 8.1% from 9% in Q1 2020 but remained the same at 8.1% compared to the previous quarter. The contraction was the result of challenging market environment and appreciation in Thai Baht. In terms of consolidated operating profit excluding other income, SVI posted THB127 million ($4.2 million), an increase of 25.7% from the same quarter of the previous year.
Consolidated net income for reached THB148 million ($4.9 million), down by 34.8% from the same period last year, but up by THB46 million ($1.6 million) Compared to the fourth quarter of 2020.