Haad Thip Public Company Ltd said its normalized net income for the fourth quarter was 15 satang per share, an increase from 6 satang per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 29.1 million baht, an increase from 11.6 million baht in the prior-year period.

The normalized profit margin increased to 2.1% from 0.8% in the year-earlier period.

Total revenue increased year over year to 1.41 billion baht from 1.38 billion baht, and total operating expenses totaled 1.36 billion baht, compared with 1.36 billion baht in the prior-year period.

Reported net income increased year over year to 43.3 million baht, or 22 satang per share, from 19.4 million baht, or 10 satang per share.

For the year, the company's normalized net income totaled 23 satang per share, a decrease of 35.8% from 36 satang per share in the prior year.

Normalized net income was 45.6 million baht, a decrease of 35.8% from 71.0 million baht in the prior year.

Full-year total revenue grew on an annual basis to 5.42 billion baht from 5.26 billion baht, and total operating expenses increased year over year to 5.32 billion baht from 5.12 billion baht.

The company said reported net income declined 12.5% on an annual basis to 100.9 million baht, or 51 satang per share, in the full year, from 115.2 million baht, or 58 satang per share.

As of Feb. 29, US$1 was equivalent to 35.64 baht.