Mandarin Hotel PCL said its third-quarter normalized net income came to a loss of 234,250 baht, compared with income of 399,380 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 dropped to negative 0.3% from 0.5% in the year-earlier period.

Total revenue came to 76.5 million baht, compared with 76.4 million baht in the year-earlier period, and total operating expenses rose on an annual basis to 74.0 million baht from 71.4 million baht.

Reported net income totaled a loss of 20.9 million baht, or a loss of 78 satang per share, compared to income of 4.1 million baht, or 15 satang per share, in the year-earlier period.

As of Nov. 11, US$1 was equivalent to 35.84 baht.