T.A.C. Consumer Public Company Ltd said its normalized net income for the fourth quarter amounted to 2 satang per share, a decline of 83.9% from 14 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 11.1 million baht, a decline of 33.0% from 16.6 million baht in the year-earlier period.

The normalized profit margin fell to 4.3% from 7.1% in the year-earlier period.

Total revenue increased 11.4% year over year to 260.9 million baht from 234.2 million baht, and total operating expenses climbed 17.2% from the prior-year period to 242.9 million baht from 207.2 million baht.

Reported net income decreased 35.6% from the prior-year period to 13.7 million baht, or 3 satang per share, from 21.2 million baht, or 18 satang per share.

For the year, the company's normalized net income totaled 17 satang per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 12 satang.

EPS declined 61.0% from 43 satang in the prior year.

Normalized net income was 53.9 million baht, a gain of 31.8% from 40.9 million baht in the prior year.

Full-year total revenue amounted to 1.01 billion baht, compared with 1.00 billion baht in the prior year, and total operating expenses declined year over year to 918.8 million baht from 936.4 million baht.

The company said reported net income rose 31.1% year over year to 68.0 million baht, or 21 satang per share, in the full year, from 51.8 million baht, or 54 satang per share.

As of Feb. 25, US$1 was equivalent to 35.66 baht.