Ichitan Group Public Company Ltd said its second-quarter normalized net income was 7 satang per share, a decrease of 55.8% from 16 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 94.8 million baht, a decline of 55.8% from 214.4 million baht in the year-earlier period.

The normalized profit margin dropped to 6.3% from 10.2% in the year-earlier period.

Total revenue declined 28.8% on an annual basis to 1.50 billion baht from 2.11 billion baht, and total operating expenses declined 24.2% on an annual basis to 1.32 billion baht from 1.75 billion baht.

Reported net income fell 56.3% on an annual basis to 142.1 million baht, or 11 satang per share, from 325.3 million baht, or 25 satang per share.

As of Aug. 10, US$1 was equivalent to 34.75 baht.