S&P Syndicate PCL said its first-quarter normalized net income amounted to 14 satang per share, a decrease of 26.5% from 19 satang per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 69.5 million baht, a decline of 26.5% from 94.6 million baht in the year-earlier period.

The normalized profit margin declined to 4.0% from 5.4% in the year-earlier period.

Total revenue increased year over year to 1.78 billion baht from 1.75 billion baht, and total operating expenses increased year over year to 1.68 billion baht from 1.61 billion baht.

Reported net income declined 26.8% from the prior-year period to 88.1 million baht, or 18 satang per share, from 120.4 million baht, or 25 satang per share.

As of May 16, US$1 was equivalent to 35.39 baht.