Shangri-La Hotel Public Company Ltd said its fourth-quarter normalized net income amounted to 96 satang per share, a decrease of 75.3% from 3.87 baht per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 124.4 million baht, a decrease of 75.3% from 503.4 million baht in the prior-year period.

The normalized profit margin fell to 18.1% from 81.5% in the year-earlier period.

Total revenue came to 686.0 million baht, and total operating expenses totaled 479.6 million baht.

Reported net income declined 79.5% year over year to 160.0 million baht, or 1.23 baht per share, from 780.3 million baht, or 6.00 baht per share.

For the year, the company's normalized net income totaled 3.82 baht per share, a fall of 14.0% from 4.44 baht per share in the prior year.

Normalized net income was 496.5 million baht, a decline of 14.0% from 577.0 million baht in the prior year.

Full-year total revenue grew 26.3% from the prior-year period to 2.50 billion baht from 1.98 billion baht, and total operating expenses increased 58.3% year over year to 1.76 billion baht from 1.11 billion baht.

The company said reported net income decreased 24.5% on an annual basis to 665.5 million baht, or 5.12 baht per share, in the full year, from 881.4 million baht, or 6.78 baht per share.

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