Thai President Foods Public Company Ltd said its normalized net income for the first quarter came to 1.29 baht per share, a decline of 6.6% from 1.38 baht per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 232.0 million baht, a decline of 6.6% from 248.3 million baht in the prior-year period.

The normalized profit margin fell to 8.8% from 8.9% in the year-earlier period.

Total revenue decreased 5.6% on an annual basis to 2.64 billion baht from 2.80 billion baht, and total operating expenses declined from the prior-year period to 2.29 billion baht from 2.41 billion baht.

Reported net income decreased from the prior-year period to 360.4 million baht, or 2.00 baht per share, from 370.4 million baht, or 2.06 baht per share.

As of May 14, US$1 was equivalent to 33.48 baht.