Boutique Newcity PCL said its third-quarter normalized net income amounted to a loss of 48,130 baht, compared with income of 1.2 million baht in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 0.0% from 0.5% in the year-earlier period.

Total revenue declined 10.3% year over year to 236.1 million baht from 263.3 million baht, and total operating expenses declined 11.4% year over year to 240.8 million baht from 271.9 million baht.

Reported net income totaled a loss of 343,000 baht, or a loss of 3 satang per share, compared to income of 5.8 million baht, or 48 satang per share, in the year-earlier period.

As of Nov. 16, US$1 was equivalent to 35.96 baht.