Saha-Union Public Company Ltd said its normalized net income for the fourth quarter came to 43 satang per share, a decrease of 26.8% from 59 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 125.4 million baht, a decline of 26.8% from 171.3 million baht in the year-earlier period.

The normalized profit margin dropped to 3.6% from 6.1% in the year-earlier period.

Total revenue climbed 13.4% on an annual basis to 3.19 billion baht from 2.81 billion baht, and total operating expenses grew 10.4% from the prior-year period to 2.91 billion baht from 2.63 billion baht.

Reported net income declined 14.3% on an annual basis to 222.5 million baht, or 77 satang per share, from 259.6 million baht, or 90 satang per share.

For the year, the company's normalized net income totaled 1.90 baht per share, a decline of 13.0% from 2.19 baht per share in the prior year.

Normalized net income was 551.9 million baht, a decline of 13.0% from 634.5 million baht in the prior year.

Full-year total revenue increased on an annual basis to 10.80 billion baht from 10.40 billion baht, and total operating expenses rose on an annual basis to 9.74 billion baht from 9.49 billion baht.

The company said reported net income declined 8.6% year over year to 917.3 million baht, or 3.16 baht per share, in the full year, from 1.00 billion baht, or 3.46 baht per share.

As of Feb. 29, US$1 was equivalent to 35.64 baht.