President Bakery Public Company Ltd said its normalized net income for the fourth quarter was 58 satang per share, an increase of 21.9% from 47 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 259.7 million baht, a gain of 21.9% from 213.0 million baht in the year-earlier period.

The normalized profit margin increased to 13.5% from 11.8% in the year-earlier period.

Total revenue increased 6.4% year over year to 1.93 billion baht from 1.81 billion baht, and total operating expenses rose on an annual basis to 1.56 billion baht from 1.51 billion baht.

Reported net income increased 20.8% year over year to 373.4 million baht, or 83 satang per share, from 309.1 million baht, or 69 satang per share.

For the year, the company's normalized net income totaled 2.00 baht per share, an increase of 25.0% from 1.60 baht per share in the prior year.

Normalized net income was 900.0 million baht, a gain of 25.0% from 719.9 million baht in the prior year.

Full-year total revenue rose 7.3% year over year to 7.37 billion baht from 6.87 billion baht, and total operating expenses grew on an annual basis to 5.97 billion baht from 5.75 billion baht.

The company said reported net income grew 25.2% year over year to 1.30 billion baht, or 2.90 baht per share, in the full year, from 1.04 billion baht, or 2.32 baht per share.

As of Feb. 17, US$1 was equivalent to 35.60 baht.