Hwa Fong Rubber (Thailand) Public Company Ltd said its normalized net income for the fourth quarter came to 11 satang per share, a gain of 36.5% from 8 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 74.4 million baht, a gain of 36.5% from 54.5 million baht in the prior-year period.

The normalized profit margin climbed to 11.3% from 8.1% in the year-earlier period.

Total revenue declined year over year to 660.6 million baht from 676.5 million baht, and total operating expenses decreased 7.4% year over year to 541.2 million baht from 584.7 million baht.

Reported net income rose 41.0% from the prior-year period to 100.0 million baht, or 15 satang per share, from 70.9 million baht, or 11 satang per share.

For the year, the company's normalized net income totaled 48 satang per share, an increase of 40.6% from 34 satang per share in the prior year.

Normalized net income was 319.2 million baht, a gain of 40.6% from 227.0 million baht in the prior year.

Full-year total revenue increased year over year to 2.60 billion baht from 2.53 billion baht, and total operating expenses fell year over year to 2.11 billion baht from 2.16 billion baht.

The company said reported net income grew 42.3% on an annual basis to 413.8 million baht, or 63 satang per share, in the full year, from 290.8 million baht, or 44 satang per share.

As of Feb. 26, US$1 was equivalent to 35.74 baht.