Vichitbhan Palmoil Public Company Ltd said its normalized net income for the fourth quarter came to a loss of 5 satang per share, compared with a loss of 5 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 a loss of 49.7 million baht, compared with a loss of 41.6 million baht in the year-earlier period.

The normalized profit margin dropped to negative 22.2% from negative 14.0% in the year-earlier period.

Total revenue decreased 25.0% on an annual basis to 223.7 million baht from 298.1 million baht, and total operating expenses fell 18.8% from the prior-year period to 297.4 million baht from 366.4 million baht.

Reported net income came to a loss of 79.0 million baht, or a loss of 7 satang per share, compared to a loss of 64.3 million baht, or a loss of 7 satang per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 8 satang per share, compared with 9 satang per share in the prior year.

Normalized net income was a loss of 77.2 million baht, compared with income of 71.6 million baht in the prior year.

Full-year total revenue decreased 35.5% on an annual basis to 1.48 billion baht from 2.29 billion baht, and total operating expenses declined 26.3% year over year to 1.57 billion baht from 2.14 billion baht.

The company said reported net income came to a loss of 123.3 million baht, or a loss of 13 satang per share, in the full year, compared with income of 93.8 million baht, or 11 satang per share, the prior year.

As of Feb. 25, US$1 was equivalent to 35.66 baht.