Kaset Thai International Sugar Corp. Public Company Ltd said its normalized net income for the fourth quarter amounted to a loss of 8 satang per share, compared with a loss of 9 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 a loss of 317.2 million baht, compared with a loss of 364.8 million baht in the prior-year period.

The normalized profit margin dropped to negative 12.5% from negative 8.3% in the year-earlier period.

Total revenue fell 42.7% on an annual basis to 2.53 billion baht from 4.41 billion baht, and total operating expenses fell 37.9% on an annual basis to 2.98 billion baht from 4.80 billion baht.

Reported net income totaled a loss of 540.4 million baht, or a loss of 14 satang per share, compared to a loss of 463.2 million baht, or a loss of 12 satang per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 6 satang per share, compared with 11 satang per share in the prior year.

Normalized net income was a loss of 242.7 million baht, compared with income of 426.1 million baht in the prior year.

Full-year total revenue declined 22.4% year over year to 15.09 billion baht from 19.44 billion baht, and total operating expenses fell 17.4% year over year to 15.04 billion baht from 18.22 billion baht.

The company said reported net income totaled a loss of 501.8 million baht, or a loss of 13 satang per share, in the full year, compared with income of 733.4 million baht, or 19 satang per share, the prior year.

As of Feb. 24, US$1 was equivalent to 34.87 baht.