Bangkok Ranch Public Co. Ltd said its normalized net income for the first quarter amounted to 8 satang per share, a decline of 61.8% from 20 satang per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 70.5 million baht, a decrease of 49.1% from 138.6 million baht in the year-earlier period.

The normalized profit margin dropped to 3.7% from 6.7% in the year-earlier period.

Total revenue declined 6.7% on an annual basis to 1.92 billion baht from 2.06 billion baht, and total operating expenses came to 1.80 billion baht, compared with 1.78 billion baht in the prior-year period.

Reported net income fell 48.0% from the prior-year period to 94.3 million baht, or 10 satang per share, from 181.4 million baht, or 26 satang per share.

As of May 16, US$1 was equivalent to 35.39 baht.