TS Flour Mill PCL said its fourth-quarter normalized net income was 5 satang per share, a gain of 37.8% from 4 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 16.9 million baht, an increase of 59.6% from 10.6 million baht in the year-earlier period.

The normalized profit margin climbed to 4.5% from 3.9% in the year-earlier period.

Total revenue increased 39.0% year over year to 373.8 million baht from 268.9 million baht, and total operating expenses increased 40.2% on an annual basis to 353.1 million baht from 251.9 million baht.

Reported net income rose 66.0% year over year to 21.6 million baht, or 7 satang per share, from 13.0 million baht, or 5 satang per share.

For the year, the company's normalized net income totaled 15 satang per share, a gain of 7.4% from 14 satang per share in the prior year.

Normalized net income was 44.6 million baht, an increase of 11.6% from 39.9 million baht in the prior year.

Full-year total revenue increased 16.4% from the prior-year period to 1.27 billion baht from 1.09 billion baht, and total operating expenses rose 16.3% on an annual basis to 1.19 billion baht from 1.02 billion baht.

The company said reported net income increased 12.7% on an annual basis to 56.9 million baht, or 19 satang per share, in the full year, from 50.5 million baht, or 18 satang per share.

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