Ichitan Group Public Company Ltd said its normalized net income for the third quarter was 2 satang per share, a decline of 70.8% from 6 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 22.5 million baht, a decline of 70.8% from 77.1 million baht in the year-earlier period.

The normalized profit margin dropped to 2.0% from 6.3% in the year-earlier period.

Total revenue decreased 9.1% on an annual basis to 1.11 billion baht from 1.22 billion baht, and total operating expenses decreased year over year to 1.05 billion baht from 1.08 billion baht.

Reported net income decreased 72.8% on an annual basis to 31.9 million baht, or 2 satang per share, from 117.2 million baht, or 9 satang per share.

As of Nov. 9, US$1 was equivalent to 34.98 baht.