Tropical Canning (Thailand) Public Co. Ltd said its first-quarter normalized net income was 7 satang per share, a decline of 14.9% from 9 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 24.1 million baht, a decrease of 14.9% from 28.3 million baht in the year-earlier period.
The normalized profit margin declined to 2.2% from 2.4% in the year-earlier period.
Total revenue declined 10.7% on an annual basis to 1.08 billion baht from 1.20 billion baht, and total operating expenses fell 11.0% year over year to 1.03 billion baht from 1.16 billion baht.
Reported net income fell 11.9% on an annual basis to 34.2 million baht, or 10 satang per share, from 38.9 million baht, or 12 satang per share.
As of May 13, US$1 was equivalent to 35.48 baht.