DNA 2002 PCL said its fourth-quarter normalized net income came to a loss of 140.9 million baht, compared with a loss of 16.4 million baht in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 71.4% from negative 3.8% in the year-earlier period.

Total revenue fell 85.2% year over year to 64.8 million baht from 436.3 million baht, and total operating expenses declined 38.9% year over year to 280.5 million baht from 459.4 million baht.

Reported net income came to a loss of 214.6 million baht, or a loss of 4 satang per share, compared to a loss of 21.2 million baht, or a loss of 1 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled 278.3 million baht, compared with a loss of -30.2 million baht in the prior year.

Full-year total revenue decreased 56.4% from the prior-year period to 652.2 million baht from 1.50 billion baht, and total operating expenses fell 25.7% on an annual basis to 1.17 billion baht from 1.57 billion baht.

The company said reported net income came to a loss of 457.8 million baht, or a loss of 9 satang per share, in the full year, compared with a loss of 50.2 million baht, or a loss of 1 satang per share, the prior year.

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