AppAsia Bhd. said its normalized net income for the first quarter amounted to a loss of 1.8 million ringgits, compared with income of 532,500 ringgits 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 140.1% from 15.3% in the year-earlier period.

Total revenue decreased 63.5% on an annual basis to 1.3 million ringgits from 3.5 million ringgits, and total operating expenses rose 56.5% year over year to 4.1 million ringgits from 2.6 million ringgits.

Reported net income totaled a loss of 2.8 million ringgits, or a loss of 1 sen per share, compared to income of 852,000 ringgits, or 0 sen per share, in the prior-year period.

As of May 27, US$1 was equivalent to 4.08 ringgits.