Modernform Group PCL said its fourth-quarter normalized net income came to 6 satang per share, a gain 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 45.1 million baht, a gain from 43.5 million baht in the prior-year period.

The normalized profit margin increased to 5.8% from 4.6% in the year-earlier period.

Total revenue declined on an annual basis to 900.4 million baht from 946.8 million baht, and total operating expenses declined 7.0% year over year to 798.6 million baht from 859.2 million baht.

Reported net income fell 82.6% on an annual basis to 66.6 million baht, or 9 satang per share, from 382.9 million baht, or 51 satang per share.

For the year, the company's normalized net income totaled 17 satang per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 32 satang.

EPS declined 44.8% from 31 satang in the prior year.

Normalized net income was 126.8 million baht, a fall of 44.8% from 230.0 million baht in the prior year.

Full-year total revenue declined 14.6% on an annual basis to 3.29 billion baht from 3.85 billion baht, and total operating expenses declined 11.6% on an annual basis to 3.04 billion baht from 3.44 billion baht.

The company said reported net income decreased 72.3% year over year to 172.9 million baht, or 23 satang per share, in the full year, from 623.2 million baht, or 83 satang per share.

As of Feb. 24, US$1 was equivalent to 34.87 baht.