T.Krungthai Industries Public Company Ltd said its fourth-quarter normalized net income amounted to a loss of 676,870 baht, compared with income of 6.0 million baht in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 0.2% from 1.3% in the year-earlier period.

Total revenue declined 34.1% on an annual basis to 308.3 million baht from 468.2 million baht, and total operating expenses decreased 32.6% on an annual basis to 307.0 million baht from 455.4 million baht.

Reported net income totaled a loss of 1.7 million baht, or a loss of 1 satang per share, compared to income of 9.2 million baht, or 4 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled 4 satang per share, a decrease of 40.0% from 7 satang per share in the prior year.

Normalized net income was 8.7 million baht, a decline of 40.0% from 14.6 million baht in the prior year.

Full-year total revenue decreased 16.5% year over year to 1.36 billion baht from 1.62 billion baht, and total operating expenses decreased 16.0% year over year to 1.33 billion baht from 1.59 billion baht.

The company said reported net income declined 36.3% year over year to 12.4 million baht, or 6 satang per share, in the full year, from 19.4 million baht, or 9 satang per share.

As of Feb. 24, US$1 was equivalent to 35.69 baht.