Thailiand’s largest cash and carry operator, Siam Makro, has posted a fall in third-quarter net profit of 14%.

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The company’s net profit for the quarter was 209m baht (US$4.8m), compared to 242m baht in the same period last year.

Analysts attributed the drop in profits to tough competition from foreign and domestic rivals, and floods, which left many people stuck at home. They also said that Siam Makro’s switch from cash and carry operator to members-only wholesaler had only made problems worse because customers had not yet taken in the change.

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