Ichitan Group Public Company Ltd said its normalized net income for the first quarter came to 13 satang per share, compared with the S&P Capital IQ consensus estimate of 20 satang per share.

EPS fell 21.5% year over year from 16 satang.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 166.2 million baht, a decrease of 21.5% from 211.6 million baht in the prior-year period.

The normalized profit margin declined to 9.8% from 11.4% in the year-earlier period.

Total revenue fell 8.8% year over year to 1.70 billion baht from 1.86 billion baht, and total operating expenses decreased 7.0% year over year to 1.40 billion baht from 1.50 billion baht.

Reported net income fell 21.1% on an annual basis to 249.8 million baht, or 19 satang per share, from 316.4 million baht, or 24 satang per share.

As of May 11, US$1 was equivalent to 35.21 baht.