Lee Swee Kiat Group Bhd. said its normalized net income for the first quarter amounted to 609,380 ringgits, a decrease of 31.9% from 894,380 ringgits in the year-earlier period.

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

The normalized profit margin fell to 3.9% from 4.0% in the year-earlier period.

Total revenue decreased 30.4% on an annual basis to 15.7 million ringgits from 22.6 million ringgits, and total operating expenses declined 30.5% year over year to 14.7 million ringgits from 21.1 million ringgits.

Reported net income decreased 31.6% on an annual basis to 935,000 ringgits, or 1 sen per share, from 1.4 million ringgits, or 1 sen per share.

As of May 24, US$1 was equivalent to 4.11 ringgits.