Chai Watana Tannery Group Public Company Ltd said its normalized net income for the fourth quarter was 4.4 million baht, a fall of 89.5% from 42.0 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 dropped to 1.3% from 14.6% in the year-earlier period.

Total revenue climbed 15.5% year over year to 332.1 million baht from 287.4 million baht, and total operating expenses rose 46.8% year over year to 322.8 million baht from 220.0 million baht.

Reported net income decreased 57.0% year over year to 27.3 million baht, or 5 satang per share, from 63.5 million baht, or 8 satang per share.

For the year, the company's normalized net income totaled 1 satang per share, a decline of 55.8% from 3 satang per share in the prior year.

Normalized net income was 7.8 million baht, a decline of 47.8% from 15.0 million baht in the prior year.

Full-year total revenue rose 46.8% year over year to 1.35 billion baht from 917.7 million baht, and total operating expenses rose 47.0% year over year to 1.31 billion baht from 887.8 million baht.

The company said reported net income rose 34.6% year over year to 43.3 million baht, or 8 satang per share, in the full year, from 32.2 million baht, or 7 satang per share.

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