Thanulux PCL said its first-quarter normalized net income amounted to 21 satang per share, a decrease of 23.4% from 28 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 25.8 million baht, a decline of 23.4% from 33.6 million baht in the prior-year period.

The normalized profit margin dropped to 5.0% from 6.2% in the year-earlier period.

Total revenue decreased year over year to 521.6 million baht from 540.7 million baht, and total operating expenses fell from the prior-year period to 501.3 million baht from 508.5 million baht.

Reported net income fell 22.7% from the prior-year period to 39.5 million baht, or 33 satang per share, from 51.2 million baht, or 43 satang per share.

As of May 14, US$1 was equivalent to 33.48 baht.