Grande Asset Hotels and Property Public Company Ltd said its fourth-quarter normalized net income amounted to a loss of 6.8 million baht, compared with income of 16.0 million baht in the year-earlier period.

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

The normalized profit margin declined to negative 2.0% from 2.9% in the year-earlier period.

Total revenue declined 37.5% year over year to 348.6 million baht from 557.9 million baht, and total operating expenses fell 32.0% on an annual basis to 344.3 million baht from 506.0 million baht.

Reported net income totaled a loss of 8.4 million baht, or a loss of 0 satang per share, compared to income of 19.1 million baht, or 1 satang per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 3 satang per share, compared with 17 satang per share in the prior year.

Normalized net income was a loss of 73.5 million baht, compared with income of 497.8 million baht in the prior year.

Full-year total revenue decreased 71.9% on an annual basis to 1.38 billion baht from 4.93 billion baht, and total operating expenses decreased 64.1% on an annual basis to 1.42 billion baht from 3.96 billion baht.

The company said reported net income came to a loss of 120.5 million baht, or a loss of 4 satang per share, in the full year, compared with income of 602.0 million baht, or 21 satang per share, the prior year.

As of Feb. 18, US$1 was equivalent to 35.59 baht.