Tipco Foods Public Company Ltd said its third-quarter normalized net income came to 39 satang per share, an increase from 9 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 187.5 million baht, a gain from 42.9 million baht in the prior-year period.

The normalized profit margin rose to 18.2% from 2.9% in the year-earlier period.

Total revenue declined 20.6% on an annual basis to 1.18 billion baht from 1.49 billion baht, and total operating expenses declined 22.0% year over year to 1.20 billion baht from 1.54 billion baht.

Reported net income rose from the prior-year period to 314.3 million baht, or 65 satang per share, from 75.9 million baht, or 16 satang per share.

As of Nov. 12, US$1 was equivalent to 35.85 baht.