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Seven Utilities and Power PCL said its normalized net income for the first quarter was a loss of 14.6 million baht, compared with a loss of 36.4 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 rose to negative 11.0% from negative 12.7% in the year-earlier period.

Total revenue decreased 57.9% year over year to 121.3 million baht from 287.9 million baht, and total operating expenses fell 47.5% from the prior-year period to 181.9 million baht from 346.4 million baht.

Reported net income totaled a loss of 38.2 million baht, or a loss of 2 satang per share, compared to a loss of 58.5 million baht, or a loss of 5 satang per share, in the prior-year period.

As of May 13, US$1 was equivalent to 35.48 baht.