Bangkok Ranch Public Company Ltd said its fourth-quarter normalized net income came to 9 satang per share, a decline of 33.5% from 14 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 86.1 million baht, a decline of 11.3% from 97.0 million baht in the year-earlier period.

The normalized profit margin fell to 4.5% from 4.5% in the year-earlier period.

Total revenue declined 11.1% year over year to 1.92 billion baht from 2.16 billion baht, and total operating expenses decreased 9.4% year over year to 1.77 billion baht from 1.95 billion baht.

Reported net income decreased 6.0% on an annual basis to 121.9 million baht, or 13 satang per share, from 129.7 million baht, or 19 satang per share.

For the year, the company's normalized net income totaled 50 satang per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 65 satang.

EPS declined 31.5% from 73 satang in the prior year.

Normalized net income was 397.0 million baht, a fall of 20.6% from 499.8 million baht in the prior year.

Full-year total revenue decreased 9.0% year over year to 7.74 billion baht from 8.51 billion baht, and total operating expenses fell 6.9% year over year to 6.96 billion baht from 7.47 billion baht.

The company said reported net income declined 16.8% year over year to 550.2 million baht, or 69 satang per share, in the full year, from 660.9 million baht, or 96 satang per share.

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