Fancy Wood Industries Public Company Ltd said its normalized net income for the fourth quarter came to a loss of 3 satang per share, compared with a loss of 2 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 a loss of 12.6 million baht, compared with a loss of 7.3 million baht in the prior-year period.

The normalized profit margin fell to negative 12.4% from negative 5.3% in the year-earlier period.

Total revenue declined 23.5% year over year to 104.4 million baht from 136.4 million baht, and total operating expenses decreased 20.3% from the prior-year period to 123.1 million baht from 154.3 million baht.

Reported net income came to a loss of 22.3 million baht, or a loss of 5 satang per share, compared to income of 2.8 million baht, or 1 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 10 satang per share, compared with a loss of 14 satang per share in the prior year.

Normalized net income was a loss of 45.8 million baht, compared with a loss of 66.7 million baht in the prior year.

Full-year total revenue rose 15.7% from the prior-year period to 467.1 million baht from 403.6 million baht, and total operating expenses grew on an annual basis to 542.9 million baht from 521.1 million baht.

The company said reported net income came to a loss of 74.8 million baht, or a loss of 16 satang per share, in the full year, compared with income of 20.3 million baht, or 4 satang per share, the prior year.

As of Feb. 29, US$1 was equivalent to 35.64 baht.