Bangkok Ranch Public Company Ltd said its third-quarter normalized net income was 9 satang per share, a decrease of 46.1% from 17 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 81.0 million baht, a decrease of 30.2% from 116.1 million baht in the prior-year period.

The normalized profit margin fell to 4.4% from 5.6% in the year-earlier period.

Total revenue fell 11.6% on an annual basis to 1.83 billion baht from 2.07 billion baht, and total operating expenses decreased 8.3% from the prior-year period to 1.67 billion baht from 1.82 billion baht.

Reported net income decreased 28.9% year over year to 110.8 million baht, or 12 satang per share, from 155.7 million baht, or 23 satang per share.

As of Nov. 11, US$1 was equivalent to 35.84 baht.