Univanich Palm Oil Public Company Ltd said its normalized net income for the fourth quarter amounted to 4 satang per share, an increase of 13.1% from 3 satang per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 33.1 million baht, an increase of 13.1% from 29.2 million baht in the prior-year period.

The normalized profit margin fell to 3.7% from 5.4% in the year-earlier period.

Total revenue rose 64.7% year over year to 885.6 million baht from 537.5 million baht, and total operating expenses increased 52.2% year over year to 839.8 million baht from 551.7 million baht.

Reported net income increased 16.2% from the prior-year period to 48.0 million baht, or 5 satang per share, from 41.3 million baht, or 4 satang per share.

For the year, the company's normalized net income totaled 30 satang per share, a decrease of 41.9% from 51 satang per share in the prior year.

Normalized net income was 277.7 million baht, a decline of 41.9% from 477.6 million baht in the prior year.

Full-year total revenue decreased 30.0% from the prior-year period to 3.99 billion baht from 5.70 billion baht, and total operating expenses decreased 29.2% year over year to 3.60 billion baht from 5.09 billion baht.

The company said reported net income decreased 41.2% on an annual basis to 374.3 million baht, or 40 satang per share, in the full year, from 636.4 million baht, or 68 satang per share.

As of Feb. 26, US$1 was equivalent to 35.74 baht.