Mandarin Hotel PCL said its fourth-quarter normalized net income came to 8 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 2.1 million baht, compared with a loss of 1.3 million baht in the year-earlier period.

The normalized profit margin rose to 2.3% from negative 1.6% in the year-earlier period.

Total revenue increased 9.8% on an annual basis to 89.1 million baht from 81.2 million baht, and total operating expenses grew year over year to 82.2 million baht from 78.4 million baht.

Reported net income declined 45.0% on an annual basis to 7.0 million baht, or 26 satang per share, from 12.7 million baht, or 47 satang per share.

For the year, the company's normalized net income totaled a loss of 7 satang per share, compared with a loss of 94 satang per share in the prior year.

Normalized net income was a loss of 1.9 million baht, compared with a loss of 25.3 million baht in the prior year.

Full-year total revenue grew 22.1% on an annual basis to 315.1 million baht from 258.2 million baht, and total operating expenses increased 8.8% on an annual basis to 305.1 million baht from 280.5 million baht.

The company said reported net income totaled a loss of 20.9 million baht, or a loss of 78 satang per share, in the full year, compared with a loss of 30.3 million baht, or a loss of 1.13 baht per share, the prior year.

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