Singer Thailand Public Company Ltd said its normalized net income for the fourth quarter amounted to 7 satang per share, a decrease of 8.1% from 7 satang per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.4 million baht, a decline of 8.1% from 20.0 million baht in the year-earlier period.

The normalized profit margin fell to 2.5% from 2.7% in the year-earlier period.

Total revenue totaled 741.0 million baht, compared with 741.8 million baht in the prior-year period, and total operating expenses came to 700.6 million baht, compared with 696.2 million baht in the year-earlier period.

Reported net income increased 17.2% year over year to 29.1 million baht, or 11 satang per share, from 24.9 million baht, or 9 satang per share.

For the year, the company's normalized net income totaled 39 satang per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 73 satang.

EPS declined 42.1% from 68 satang in the prior year.

Normalized net income was 105.8 million baht, a decrease of 42.1% from 182.7 million baht in the prior year.

Full-year total revenue declined on an annual basis to 3.39 billion baht from 3.55 billion baht, and total operating expenses came to 3.17 billion baht, compared with 3.20 billion baht in the prior-year period.

The company said reported net income decreased 40.7% on an annual basis to 143.2 million baht, or 53 satang per share, in the full year, from 241.4 million baht, or 89 satang per share.

As of Feb. 19, US$1 was equivalent to 35.76 baht.