Grande Asset Hotels and Property Public Company Ltd said its normalized net income for the first quarter amounted to a loss of 12.4 million baht, compared with income of 312.8 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 negative 3.8% from 14.1% in the year-earlier period.
Total revenue declined 85.2% year over year to 327.6 million baht from 2.22 billion baht, and total operating expenses declined 80.4% year over year to 324.6 million baht from 1.66 billion baht.
Reported net income totaled a loss of 21.1 million baht, or a loss of 1 satang per share, compared to income of 471.7 million baht, or 16 satang per share, in the prior-year period.
As of May 12, US$1 was equivalent to 33.74 baht.
