Thai Sugar Terminal PCL said its fourth-quarter normalized net income was 5 satang per share, a decline of 63.5% from 12 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 15.7 million baht, a decline of 63.5% from 43.0 million baht in the prior-year period.
The normalized profit margin declined to 3.5% from 11.2% in the year-earlier period.
Total revenue increased 16.1% on an annual basis to 447.7 million baht from 385.5 million baht, and total operating expenses increased 34.2% from the prior-year period to 423.5 million baht from 315.5 million baht.
Reported net income fell 65.1% year over year to 20.0 million baht, or 6 satang per share, from 57.4 million baht, or 16 satang per share.
For the year, the company's normalized net income totaled 31 satang per share, a fall of 27.9% from 43 satang per share in the prior year.
Normalized net income was 109.1 million baht, a fall of 27.9% from 151.3 million baht in the prior year.
Full-year total revenue increased 6.6% from the prior-year period to 1.67 billion baht from 1.57 billion baht, and total operating expenses increased 13.7% year over year to 1.45 billion baht from 1.28 billion baht.
The company said reported net income declined 30.1% year over year to 144.8 million baht, or 42 satang per share, in the full year, from 207.2 million baht, or 59 satang per share.
As of Feb. 29, US$1 was equivalent to 35.64 baht.