GFPT Public Company Ltd said its normalized net income for the second quarter amounted to 9 satang per share, compared with the S&P Capital IQ consensus estimate of 18 satang per share.

EPS declined 59.7% year over year from 23 satang.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 116.9 million baht, a decline of 59.7% from 290.4 million baht in the year-earlier period.

The normalized profit margin dropped to 2.9% from 6.5% in the year-earlier period.

Total revenue decreased 10.3% year over year to 4.03 billion baht from 4.50 billion baht, and total operating expenses declined 5.9% year over year to 3.89 billion baht from 4.13 billion baht.

Reported net income declined 58.5% on an annual basis to 199.9 million baht, or 16 satang per share, from 481.2 million baht, or 38 satang per share.

As of Aug. 10, US$1 was equivalent to 35.12 baht.