Reported Earnings • 16h
Second quarter 2026 earnings released: EPS: ฿0.18 (vs ฿0.034 loss in 2Q 2025) Second quarter 2026 results: EPS: ฿0.18 (up from ฿0.034 loss in 2Q 2025). Revenue: ฿736.6m (up 73% from 2Q 2025). Net income: ฿60.9m (up ฿72.4m from 2Q 2025). Profit margin: 8.3% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 09
First quarter 2026 earnings released: ฿0.031 loss per share (vs ฿0.013 profit in 1Q 2025) First quarter 2026 results: ฿0.031 loss per share (down from ฿0.013 profit in 1Q 2025). Revenue: ฿449.3m (up 67% from 1Q 2025). Net loss: ฿10.4m (down 335% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 03
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 10 April 2026. Payment date: 30 April 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.6%. Lower than top quartile of Thai dividend payers (7.4%). In line with average of industry peers (5.6%). Board Change • Mar 11
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Vice Chairman of the Board Norachit Sinhaseni was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Feb 14
Dividend reduced to ฿0.20 Dividend of ฿0.20 is 20% lower than last year. Ex-date: 10th April 2026 Payment date: 30th April 2026 Dividend yield will be 5.4%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (113% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 25% to bring the payout ratio under control. However, EPS has declined by 29% over the last 5 years so the company would need to reverse this trend. Annuncio • Feb 14
QTC Energy Public Company Limited Announces Term Expiration of Phot Wongkham as Director, Effective April 3, 2026 QTC Energy Public Company Limited announced term expiration of Mr. Phot Wongkham as Director. Effective Date is August 8, 2025. Expire Date is April 3, 2026. Terminate Reason is Non-renewal of term. Annuncio • Feb 13
QTC Energy Public Company Limited announces Annual dividend, payable on April 30, 2026 QTC Energy Public Company Limited announced Annual dividend of THB 0.2000 per share payable on April 30, 2026, ex-date on April 10, 2026 and record date on April 16, 2026. Annuncio • Feb 12
QTC Energy Public Company Limited, Annual General Meeting, Apr 03, 2026 QTC Energy Public Company Limited, Annual General Meeting, Apr 03, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 08
Third quarter 2025 earnings released: ฿0.007 loss per share (vs ฿0.027 profit in 3Q 2024) Third quarter 2025 results: ฿0.007 loss per share (down from ฿0.027 profit in 3Q 2024). Revenue: ฿413.4m (up 9.9% from 3Q 2024). Net loss: ฿2.37m (down 126% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Sep 19
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Vice Chairman of the Board Norachit Sinhaseni was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Sep 18
QTC Energy Public Company Limited Appoints Sasikarn Tantanasin as Additional Director QTC Energy Public Company Limited at its 1/2025 Extraordinary General Meeting of Shareholders held on 18 September 2025, Unanimously, resolved the appointment of Miss Sasikarn Tantanasin as an additional directors. Reported Earnings • Aug 08
Second quarter 2025 earnings released: ฿0.034 loss per share (vs ฿0.026 profit in 2Q 2024) Second quarter 2025 results: ฿0.034 loss per share (down from ฿0.026 profit in 2Q 2024). Revenue: ฿425.2m (up 51% from 2Q 2024). Net loss: ฿11.5m (down 231% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿0.013 (vs ฿0.029 in 1Q 2024) First quarter 2025 results: EPS: ฿0.013 (down from ฿0.029 in 1Q 2024). Revenue: ฿269.6m (up 2.8% from 1Q 2024). Net income: ฿4.43m (down 55% from 1Q 2024). Profit margin: 1.6% (down from 3.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 09
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 16 April 2025. Payment date: 30 April 2025. Payout ratio is on the higher end at 75% but the company is not cash flow positive. Trailing yield: 6.6%. Lower than top quartile of Thai dividend payers (8.3%). In line with average of industry peers (6.8%). Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: ฿0.33 (vs ฿0.20 in FY 2023) Full year 2024 results: EPS: ฿0.33 (up from ฿0.20 in FY 2023). Revenue: ฿1.52b (up 13% from FY 2023). Net income: ฿113.3m (up 69% from FY 2023). Profit margin: 7.5% (up from 5.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 15
Dividend increased to ฿0.25 Dividend of ฿0.25 is 25% higher than last year. Ex-date: 16th April 2025 Payment date: 30th April 2025 Dividend yield will be 6.9%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 14% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Annuncio • Feb 14
QTC Energy Public Company Limited Approves the Dividend for 2024, Payable on April 30, 2025 QTC Energy Public Company Limited's board meeting held on February 13, 2025, approved the dividend payment from the Company's operating results of the year 2024 in the amount of THB 0.25 per share for 341,092,557 shares, totalling THB 85,273,139.25 to shareholders. The names of shareholders who are entitled to receive dividends will be determined on 17 April 2025 (Record Date), and the dividends will be paid on 30 April 2025. Annuncio • Feb 13
QTC Energy Public Company Limited, Annual General Meeting, Apr 04, 2025 QTC Energy Public Company Limited, Annual General Meeting, Apr 04, 2025, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.10 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.03 (down from ฿0.10 in 3Q 2023). Revenue: ฿376.0m (up 4.1% from 3Q 2023). Net income: ฿9.18m (down 74% from 3Q 2023). Profit margin: 2.4% (down from 9.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.008 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03 (up from ฿0.008 loss in 2Q 2023). Revenue: ฿281.9m (up 6.2% from 2Q 2023). Net income: ฿8.78m (up ฿11.5m from 2Q 2023). Profit margin: 3.1% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 05
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 12 April 2024. Payment date: 30 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (5.9%). In line with average of industry peers (5.1%). Annuncio • Apr 05
QTC Energy Public Company Limited Approves Dividend for the Year 2023 QTC Energy Public Company Limited announced that at its AGM held on April 4, 2024, the board approved the dividend payment derived from retained earnings of the Company in the amount of THB 0.20 per share, totaling THB 68,218,511.40 The company scheduled for 17 April 2024 as the date of determining the list of shareholders who are entitled to receive dividends (Record Date) and 30 April 2024 as the date fixed for the dividends payment, be unanimously approved by the majority vote of the shareholders attended the meeting. Declared Dividend • Feb 11
Dividend of ฿0.20 announced Dividend of ฿0.20 is the same as last year. Ex-date: 12th April 2024 Payment date: 30th April 2024 Dividend yield will be 4.9%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 14x earnings). However, it is covered by cash flows (74% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 1,503% to bring the payout ratio under control, which is more than the 81% EPS growth achieved over the last 5 years. Reported Earnings • Feb 10
Full year 2023 earnings released: EPS: ฿0.20 (vs ฿0.046 in FY 2022) Full year 2023 results: EPS: ฿0.20 (up from ฿0.046 in FY 2022). Revenue: ฿1.34b (up 9.9% from FY 2022). Net income: ฿66.9m (up 322% from FY 2022). Profit margin: 5.0% (up from 1.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.015 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿0.10 (up from ฿0.015 loss in 3Q 2022). Revenue: ฿361.4m (up 11% from 3Q 2022). Net income: ฿35.8m (up ฿40.9m from 3Q 2022). Profit margin: 9.9% (up from net loss in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 12
Second quarter 2023 earnings released: ฿0.01 loss per share (vs ฿0.022 profit in 2Q 2022) Second quarter 2023 results: ฿0.01 loss per share (down from ฿0.022 profit in 2Q 2022). Revenue: ฿265.3m (down 9.6% from 2Q 2022). Net loss: ฿2.70m (down 136% from profit in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Annuncio • Aug 11
Qtc Energy Public Company Limited Announces Board Changes QTC Energy Public Company Limited informed the resolution of the Board of Directors' Meeting No. 5/2566, which was held on, August 10, 2023. The meeting has approved the appointment of Mr. Monkhol Kittipoomvong as a director in place of Mr. Preedee Ngamsantikul and Ms. Panita Kuansataporn as a director in place of Mr. Apichart Sramoon. By appointing a new director, it is considered to be effective from, August 10, 2023. The newly appointed director shall have the term only as the remaining term of his replacement director. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. Independent Vice Chairman of the Board Norachit Sinhaseni was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 281% Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (฿1.58b market cap, or US$46.2m). Annuncio • Jul 28
QTC Energy Public Company Limited Announces Director Resignations QTC Energy Public Company Limited informs the resignation of Dr. Apichart Sramoon and Mr. Preedee Ngamsantikul from position of Director, due to his other business engagement. The resignation will be effective from 27 July 2023 onwards. Upcoming Dividend • Apr 03
Upcoming dividend of ฿0.20 per share at 4.2% yield Eligible shareholders must have bought the stock before 10 April 2023. Payment date: 26 April 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (3.5%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Wasara Chotithammarat was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.02 (vs ฿0.066 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.02 (down from ฿0.066 in 2Q 2021). Revenue: ฿293.5m (up 1.0% from 2Q 2021). Net income: ฿7.61m (down 66% from 2Q 2021). Profit margin: 2.6% (down from 7.7% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿0.04 (down from ฿0.066 in 1Q 2021). Revenue: ฿243.7m (up 6.3% from 1Q 2021). Net income: ฿14.9m (down 34% from 1Q 2021). Profit margin: 6.1% (down from 9.9% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 18%. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Wasara Chotithammarat was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 04
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 11 April 2022. Payment date: 27 April 2022. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (5.1%). In line with average of industry peers (3.1%). Annuncio • Mar 03
QTC Energy Public Company Limited, Annual General Meeting, Apr 01, 2022 QTC Energy Public Company Limited, Annual General Meeting, Apr 01, 2022, at 14:00 SE Asia Standard Time. Location: Srinakarin1, 9th floor, The Grand Fourwings Convention Hotel Srinakarin Road, Bangkok Thailand Reported Earnings • Feb 13
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.37 (down from ฿0.46 in FY 2020). Revenue: ฿1.17b (up 15% from FY 2020). Net income: ฿127.2m (down 19% from FY 2020). Profit margin: 11% (down from 16% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 18%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Feb 11
QTC Energy Public Company's Board Approves the Dividend for 2021 QTC Energy Public Company Limited's Board meeting held on February 10, 2022, approved the dividend payment from the Company's operating results of the year 2021 in the amount of THB 0.20 (Twenty Satang) per share for 341,092,557 shares, totaling THB 68,218,511.40. The names of shareholders who are entitled to receive dividends will be determined on 12 April 2022 (Record Date), and the dividends will be paid on 27 April 2022. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 19% share price gain to ฿6.40, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 24x in the Electrical industry in Thailand. Total returns to shareholders of 45% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.069 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ฿324.5m (up 75% from 3Q 2020). Net income: ฿43.1m (up 82% from 3Q 2020). Profit margin: 13% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.066 (vs ฿0.22 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿290.8m (down 9.7% from 2Q 2020). Net income: ฿22.5m (down 70% from 2Q 2020). Profit margin: 7.7% (down from 23% in 2Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 24% share price gain to ฿6.80, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 24x in the Electrical industry in Thailand. Total returns to shareholders of 38% over the past three years. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ฿0.066 (vs ฿0.093 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿229.3m (down 2.2% from 1Q 2020). Net income: ฿22.6m (down 28% from 1Q 2020). Profit margin: 9.9% (down from 14% in 1Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 24
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 19 May 2021. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 16% share price gain to ฿5.85, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 24x in the Electrical industry in Thailand. Total loss to shareholders of 34% over the past three years. Annuncio • Mar 19
QTC Energy Public Company Limited, Annual General Meeting, Apr 23, 2021 QTC Energy Public Company Limited, Annual General Meeting, Apr 23, 2021, at 07:00 Coordinated Universal Time. Location: Srinakarin1, 9 Floor, The Grand Fourwings Convention Hotel Srinakarin Road Bangkok Thailand Reported Earnings • Feb 17
Full year 2020 earnings released: EPS ฿0.46 (vs ฿0.59 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿1.02b (up 5.6% from FY 2019). Net income: ฿157.7m (down 21% from FY 2019). Profit margin: 16% (down from 21% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 15
New 90-day high: ฿4.72 The company is up 24% from its price of ฿3.80 on 17 November 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 19% over the same period. Executive Departure • Jan 29
Director has left the company On the 18th of January, Viraphonh Viravong's tenure as Director ended after 2.7 years in the role. We don't have any record of a personal shareholding under Viraphonh's name. A total of 2 executives have left over the last 12 months. Annuncio • Jan 28
QTC Energy Public Company Limited Announces Resignation of Viraphonh Viravong as Director QTC Energy Public Company Limited announced that the resignation of Mr. Viraphonh Viravong from position of Director, due to his other business engagement. The resignation will be effective from 18 January 2021 onwards. Is New 90 Day High Low • Jan 27
New 90-day high: ฿4.28 The company is up 11% from its price of ฿3.86 on 29 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 43% over the same period. Annuncio • Dec 23
QTC Energy Public Company Limited Announces Company Secretary Changes QTC Energy Public Company Limited informed the resolutions of the Board of Directors' Meeting No.12/2020 held on December 17, 2020, to appoint Ms. Pakanat Tungtrakool as the Company Secretary in replacement of Ms. Boonpa Ruddist, who resigned from the company Secretary due to there is another obligation to take responsibility. The appointment shall be effective on January 1, 2021. Is New 90 Day High Low • Nov 16
New 90-day low: ฿3.80 The company is down 8.0% from its price of ฿4.12 on 18 August 2020. The Thai market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 19
New 90-day low: ฿3.90 The company is down 8.0% from its price of ฿4.22 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 11% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ฿3.92 The company is down 15% from its price of ฿4.62 on 26 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is down 7.0% over the same period. 
