Kaset Thai International Sugar Corp. Public Company Ltd said its first-quarter normalized net income was 1 satang per share, a decrease of 85.3% from 9 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 53.5 million baht, a decline of 85.3% from 362.7 million baht in the year-earlier period.

The normalized profit margin declined to 1.2% from 9.5% in the year-earlier period.

Total revenue climbed 14.5% year over year to 4.38 billion baht from 3.83 billion baht, and total operating expenses increased 28.1% year over year to 4.11 billion baht from 3.21 billion baht.

Reported net income decreased 92.9% year over year to 38.6 million baht, or 1 satang per share, from 540.4 million baht, or 14 satang per share.

As of May 13, US$1 was equivalent to 35.48 baht.