Samart Digital Public Co. Ltd said its first-quarter normalized net income was a loss of 16.6 million baht, compared with income of 67.9 million baht in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 1.1% from 2.9% in the year-earlier period.

Total revenue fell 38.0% year over year to 1.44 billion baht from 2.33 billion baht, and total operating expenses decreased 33.9% year over year to 1.43 billion baht from 2.17 billion baht.

Reported net income came to a loss of 28.3 million baht, or a loss of 1 satang per share, compared to income of 101.1 million baht, or 2 satang per share, in the prior-year period.

As of May 10, US$1 was equivalent to 35.23 baht.