Tropical Canning (Thailand) PCL said its normalized net income for the fourth quarter came to 4 satang per share, a decrease of 16.9% from 5 satang per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.8 million baht, a decrease of 16.9% from 16.6 million baht in the year-earlier period.

The normalized profit margin fell to 1.1% from 1.1% in the year-earlier period.

Total revenue fell 16.4% on an annual basis to 1.25 billion baht from 1.49 billion baht, and total operating expenses decreased 16.9% year over year to 1.23 billion baht from 1.48 billion baht.

Reported net income fell on an annual basis to 20.5 million baht, or 6 satang per share, from 21.2 million baht, or 6 satang per share.

For the year, the company's normalized net income totaled 39 satang per share, an increase of 7.9% from 36 satang per share in the prior year.

Normalized net income was 127.7 million baht, an increase of 7.9% from 118.3 million baht in the prior year.

Full-year total revenue decreased 12.6% from the prior-year period to 4.80 billion baht from 5.50 billion baht, and total operating expenses fell 12.8% year over year to 4.66 billion baht from 5.34 billion baht.

The company said reported net income grew 9.0% on an annual basis to 180.0 million baht, or 55 satang per share, in the full year, from 165.2 million baht, or 50 satang per share.

As of Feb. 29, US$1 was equivalent to 35.64 baht.