Bangkok Ranch Public Company Ltd said its first-quarter normalized net income amounted to 20 satang per share, a decline of 6.8% from 22 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 138.6 million baht, a decrease of 6.8% from 148.7 million baht in the year-earlier period.

The normalized profit margin declined to 6.7% from 7.0% in the year-earlier period.

Total revenue decreased year over year to 2.06 billion baht from 2.12 billion baht, and total operating expenses declined on an annual basis to 1.78 billion baht from 1.83 billion baht.

Reported net income decreased 7.5% on an annual basis to 181.4 million baht, or 26 satang per share, from 196.1 million baht, or 29 satang per share.

As of July 14, US$1 was equivalent to 34.03 baht.