Lee Feed Mill Public Company Ltd said its normalized net income for the fourth quarter came to 3 satang per share, a decrease of 16.3% from 4 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 31.5 million baht, a decrease of 16.3% from 37.6 million baht in the year-earlier period.

The normalized profit margin declined to 3.6% from 3.8% in the year-earlier period.

Total revenue fell 12.2% year over year to 877.0 million baht from 999.1 million baht, and total operating expenses declined 11.8% from the prior-year period to 837.8 million baht from 950.4 million baht.

Reported net income rose 5.8% year over year to 58.8 million baht, or 6 satang per share, from 55.6 million baht, or 6 satang per share.

For the year, the company's normalized net income totaled 9 satang per share, a fall of 26.3% from 13 satang per share in the prior year.

Normalized net income was 87.1 million baht, a fall of 26.3% from 118.1 million baht in the prior year.

Full-year total revenue declined 8.4% on an annual basis to 3.46 billion baht from 3.78 billion baht, and total operating expenses decreased 7.6% year over year to 3.35 billion baht from 3.63 billion baht.

The company said reported net income decreased 16.8% on an annual basis to 145.6 million baht, or 16 satang per share, in the full year, from 174.9 million baht, or 19 satang per share.

As of Feb. 25, US$1 was equivalent to 35.66 baht.