Thai Sugar Terminal PCL said its normalized net income for the third quarter came to 9 satang per share, a decline of 21.3% from 12 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 32.4 million baht, a decline of 21.3% from 41.2 million baht in the prior-year period.

The normalized profit margin declined to 7.3% from 10.3% in the year-earlier period.

Total revenue grew 11.5% year over year to 446.0 million baht from 399.8 million baht, and total operating expenses grew 16.6% year over year to 376.4 million baht from 322.9 million baht.

Reported net income declined 33.6% on an annual basis to 37.7 million baht, or 11 satang per share, from 56.7 million baht, or 16 satang per share.

As of Nov. 12, US$1 was equivalent to 35.85 baht.