Thai Luxe Enterprises Public Company Ltd said its fourth-quarter normalized net income came to a loss of 10.2 million baht, compared with a loss of 2.9 million baht in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 2.3% from negative 0.5% in the year-earlier period.

Total revenue declined 17.2% on an annual basis to 497.4 million baht from 600.7 million baht, and total operating expenses fell 14.6% on an annual basis to 515.9 million baht from 603.8 million baht.

Reported net income came to a loss of 47.2 million baht, or a loss of 8 satang per share, compared to a loss of 1.7 million baht, or a loss of 0 satang per share, in the prior-year period.

For the year, the company's normalized net income totaled 4.2 million baht, compared with a loss of -6.7 million baht in the prior year.

Full-year total revenue declined 7.9% from the prior-year period to 1.98 billion baht from 2.15 billion baht, and total operating expenses declined 8.3% on an annual basis to 1.98 billion baht from 2.16 billion baht.

The company said reported net income came to a loss of 38.8 million baht, or a loss of 7 satang per share, in the full year, compared with a loss of 9.1 million baht, or a loss of 2 satang per share, the prior year.

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