Khon Kaen Sugar Industry Public Company Ltd said its normalized net income for the fiscal fourth quarter ended Oct. 31 was 12.7 million baht, compared with a loss of 184.1 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 increased to negative 0.0% from negative 3.2% in the year-earlier period.

Total revenue declined 18.5% year over year to 4.69 billion baht from 5.75 billion baht, and total operating expenses fell 23.3% year over year to 4.57 billion baht from 5.96 billion baht.

Reported net income totaled 810.9 million baht, or 18 satang per share, compared to a loss of 226.3 million baht, or a loss of 5 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled 10 satang per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 17 satang.

EPS declined 21.1% from 13 satang in the prior year.

Normalized net income was 440.3 million baht, a decline of 21.1% from 558.0 million baht in the prior year.

Full-year total revenue decreased on an annual basis to 16.91 billion baht from 17.48 billion baht, and total operating expenses fell on an annual basis to 15.87 billion baht from 16.36 billion baht.

The company said reported net income rose 65.5% year over year to 1.43 billion baht, or 32 satang per share, in the full year, from 861.7 million baht, or 20 satang per share.

As of Dec. 28, US$1 was equivalent to 36.00 baht.