GFPT Public Company Ltd said its normalized net income for the fourth quarter was 22 satang per share, compared with the S&P Capital IQ consensus estimate of 30 satang per share.

EPS climbed 24.7% year over year from 18 satang.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 275.0 million baht, a gain of 24.7% from 220.5 million baht in the year-earlier period.

The normalized profit margin increased to 6.3% from 4.9% in the year-earlier period.

Total revenue decreased year over year to 4.34 billion baht from 4.50 billion baht, and total operating expenses declined year over year to 4.04 billion baht from 4.22 billion baht.

Reported net income rose 22.3% from the prior-year period to 450.6 million baht, or 36 satang per share, from 368.5 million baht, or 29 satang per share.

For the year, the company's normalized net income totaled 58 satang per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 88 satang.

EPS declined 32.5% from 86 satang in the prior year.

Normalized net income was 727.2 million baht, a fall of 32.5% from 1.08 billion baht in the prior year.

Full-year total revenue declined 7.6% on an annual basis to 16.47 billion baht from 17.83 billion baht, and total operating expenses declined 5.2% year over year to 15.63 billion baht from 16.50 billion baht.

The company said reported net income decreased 32.9% on an annual basis to 1.19 billion baht, or 95 satang per share, in the full year, from 1.78 billion baht, or 1.42 baht per share.

As of Feb. 23, US$1 was equivalent to 35.75 baht.