Sappe PCL said its normalized net income for the third quarter amounted to 16 satang per share, compared with the S&P Capital IQ consensus estimate of 34 satang per share.

EPS declined 34.5% year over year from 24 satang.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 47.7 million baht, a decrease of 34.3% from 72.7 million baht in the prior-year period.

The normalized profit margin declined to 8.9% from 9.6% in the year-earlier period.

Total revenue declined 29.5% year over year to 534.8 million baht from 758.5 million baht, and total operating expenses declined 30.0% from the prior-year period to 449.7 million baht from 642.1 million baht.

Reported net income decreased 36.5% on an annual basis to 57.4 million baht, or 19 satang per share, from 90.4 million baht, or 30 satang per share.

As of Nov. 12, US$1 was equivalent to 35.85 baht.