Could you please evaluate the performance of Thai manager?

Marlow Manufacturing is headquartered in Australia. The company has a foreign subsidiary carrying on business in Thailand. The budgets of the subsidiary in Thailand are required to be prepared in Australian dollars using the projected exchange rate for the twelve month financial period. Operating results at the end of the twelve month financial period are translated at the actual exchange rate at the end of the twelve month period. In assessing the Thai manager's performance any deviations from the projected rate and the actual rate are ignored. The following details relate to the twelve month period ending 31 December 2016: Budget Sales Thai Baht Local currency 12 000 000 Expenses Local currency 9 600 000 Net income 2 400 000 Actual results Australian Sales Dollars Local currency 3 240 000 Expenses Local currency 2 520 000 Net income 720 000 The following exchange rates applied in the twelve month period ended 31 December 2016: 1 January 2016 spot rate: AU$0.38 Twelve month forecast: AU$0.30 31 December 2016 spot rate: AU$0.20