I.C.C. International Public Company Ltd said its normalized net income for the fourth quarter amounted to 37 satang per share, a gain from 16 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 107.9 million baht, an increase from 45.4 million baht in the year-earlier period.

The normalized profit margin increased to 3.2% from 1.4% in the year-earlier period.

Total revenue rose on an annual basis to 3.34 billion baht from 3.26 billion baht, and total operating expenses came to 3.25 billion baht, compared with 3.26 billion baht in the prior-year period.

Reported net income totaled 121.5 million baht, or 42 satang per share, compared to 122.0 million baht, or 42 satang per share, in the prior-year period.

For the year, the company's normalized net income totaled 1.74 baht per share, a gain of 34.7% from 1.29 baht per share in the prior year.

Normalized net income was 505.2 million baht, a gain of 34.7% from 375.2 million baht in the prior year.

Full-year total revenue increased year over year to 12.34 billion baht from 12.03 billion baht, and total operating expenses increased year over year to 12.11 billion baht from 11.91 billion baht.

The company said reported net income rose 29.0% on an annual basis to 703.2 million baht, or 2.42 baht per share, in the full year, from 545.2 million baht, or 1.88 baht per share.

As of Feb. 23, US$1 was equivalent to 35.75 baht.