Thai Rung Union Car Public Company Ltd said its fourth-quarter normalized net income came to 5 satang per share, an increase of 92.6% from 3 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 28.7 million baht, a gain of 92.6% from 14.9 million baht in the year-earlier period.

The normalized profit margin increased to 3.4% from 2.5% in the year-earlier period.

Total revenue fell 15.4% year over year to 500.0 million baht from 590.9 million baht, and total operating expenses decreased 17.2% from the prior-year period to 504.2 million baht from 609.2 million baht.

Reported net income increased from the prior-year period to 39.6 million baht, or 7 satang per share, from 38.1 million baht, or 6 satang per share.

For the year, the company's normalized net income totaled 16 satang per share, a gain from 15 satang per share in the prior year.

Normalized net income was 94.9 million baht, a gain from 90.9 million baht in the prior year.

Full-year total revenue declined 9.4% on an annual basis to 2.04 billion baht from 2.26 billion baht, and total operating expenses fell 9.3% year over year to 2.05 billion baht from 2.26 billion baht.

The company said reported net income fell on an annual basis to 145.1 million baht, or 25 satang per share, in the full year, from 152.4 million baht, or 26 satang per share.

As of Feb. 23, US$1 was equivalent to 35.75 baht.