Thai Vegetable Oil Public Company Ltd said its normalized net income for the fourth quarter came to 16 satang per share, a decrease of 55.4% from 35 satang per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 127.7 million baht, a decline of 55.4% from 286.1 million baht in the year-earlier period.
The normalized profit margin fell to 1.9% from 4.7% in the year-earlier period.
Total revenue increased 9.4% year over year to 6.71 billion baht from 6.13 billion baht, and total operating expenses climbed 13.5% from the prior-year period to 6.45 billion baht from 5.68 billion baht.
Reported net income fell 52.7% on an annual basis to 196.4 million baht, or 24 satang per share, from 414.8 million baht, or 51 satang per share.
For the year, the company's normalized net income totaled 1.67 baht per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2.15 baht.
EPS rose 14.9% from 1.46 baht in the prior year.
Normalized net income was 1.35 billion baht, a gain of 14.9% from 1.18 billion baht in the prior year.
Full-year total revenue grew year over year to 26.30 billion baht from 25.67 billion baht, and total operating expenses grew on an annual basis to 24.36 billion baht from 23.74 billion baht.
The company said reported net income grew 13.3% year over year to 1.90 billion baht, or 2.35 baht per share, in the full year, from 1.68 billion baht, or 2.08 baht per share.
As of Feb. 29, US$1 was equivalent to 35.64 baht.