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Thailand-based EMS firm SVI Public Co. Ltd has reported second quarter revenue of THB2.317 billion ($70 million), up by 65.8% from the previous quarter, and up by 2.7% from the same period last year. The company's production capacity is now fully restored to the pre-fire level and continues to gradually increase its utilization rate.
Total consolidated gross profit for the quarter was THB303 million or 13% of revenue. This represents an increase of 29% from the same period last year, mainly related to lower materials costs benefitting from the depreciation of the baht. Compared to the previous quarter, gross profit increased by THB118 million, mainly due to higher revenue generating economies of scale.
SVI's consolidated net profit for the quarter totaled THB1.137 billion, up by 345% from the second quarter of last year, mainly due to fire damage compensation paid by insurance companies. The normalized net profit, adjusting for insurance proceeds of THB1 billion and additional expenses related to fire recovery of THB50 million, represents a net profit of THB185 million or 8% of revenue.