Kaset Thai International Sugar Corp. Public Company Ltd said its normalized net income for the fourth quarter came to a loss of 370.3 million baht, compared with a loss of 4.8 million baht in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin fell to negative 8.3% from negative 0.1% in the year-earlier period.
Total revenue declined 28.4% year over year to 4.37 billion baht from 6.10 billion baht, and total operating expenses decreased 19.5% year over year to 4.80 billion baht from 5.96 billion baht.
Reported net income came to a loss of 463.2 million baht, or a loss of 12 satang per share, compared to a loss of 9.0 million baht, or a loss of 1 satang per share, in the prior-year period.
For the year, the company's normalized net income totaled 11 satang per share, a decrease of 56.2% from 25 satang per share in the prior year.
Normalized net income was 417.6 million baht, a fall of 54.0% from 908.9 million baht in the prior year.
Full-year total revenue fell year over year to 19.33 billion baht from 20.12 billion baht, and total operating expenses totaled 18.22 billion baht, compared with 18.32 billion baht in the prior-year period.
The company said reported net income decreased 46.3% on an annual basis to 733.4 million baht, or 19 satang per share, in the full year, from 1.37 billion baht, or 37 satang per share.
As of Feb. 23, US$1 was equivalent to 35.75 baht.