Univanich Palm Oil Public Company Ltd said its normalized net income for the fourth quarter was 5 satang per share, a gain of 35.2% 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 44.7 million baht, a gain of 35.2% from 33.1 million baht in the year-earlier period.

The normalized profit margin increased to 6.2% from 3.7% in the year-earlier period.

Total revenue decreased 18.9% on an annual basis to 718.2 million baht from 885.6 million baht, and total operating expenses fell 22.5% from the prior-year period to 651.1 million baht from 839.8 million baht.

Reported net income grew 43.7% year over year to 69.0 million baht, or 7 satang per share, from 48.0 million baht, or 5 satang per share.

For the year, the company's normalized net income totaled 27 satang per share, a decrease of 9.4% from 30 satang per share in the prior year.

Normalized net income was 251.5 million baht, a fall of 9.4% from 277.7 million baht in the prior year.

Full-year total revenue fell on an annual basis to 3.87 billion baht from 3.99 billion baht, and total operating expenses declined on an annual basis to 3.50 billion baht from 3.60 billion baht.

The company said reported net income declined 7.9% on an annual basis to 344.6 million baht, or 37 satang per share, in the full year, from 374.3 million baht, or 40 satang per share.

As of Feb. 24, US$1 was equivalent to 34.87 baht.