City Sports and Recreation Public Company Ltd said its first-quarter normalized net income was 72 satang per share, a decline of 20.5% from 90 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 14.7 million baht, a decline of 20.2% from 18.4 million baht in the prior-year period.

The normalized profit margin dropped to 34.9% from 40.2% in the year-earlier period.

Total revenue declined 8.1% year over year to 42.0 million baht from 45.8 million baht, and total operating expenses fell on an annual basis to 20.9 million baht from 22.0 million baht.

Reported net income declined 20.1% from the prior-year period to 19.9 million baht, or 97 satang per share, from 24.9 million baht, or 1.22 baht per share.

As of May 10, US$1 was equivalent to 35.23 baht.