Chiangmai Frozen Foods PCL said its first-quarter normalized net income came to 1.9 million baht, a fall of 80.7% from 9.9 million baht in the prior-year period.

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

The normalized profit margin fell to 0.6% from 3.0% in the year-earlier period.

Total revenue declined 8.6% year over year to 298.1 million baht from 326.2 million baht, and total operating expenses rose on an annual basis to 300.4 million baht from 292.5 million baht.

Reported net income declined 84.4% on an annual basis to 2.1 million baht, or 1 satang per share, from 13.3 million baht, or 4 satang per share.

As of May 14, US$1 was equivalent to 33.48 baht.