Compugates Holdings Berhad said its first-quarter normalized net income was a loss of 487,380 ringgits, compared with a loss of 1.2 million 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 increased to negative 1.8% from negative 3.5% in the year-earlier period.

Total revenue decreased 25.7% on an annual basis to 26.4 million ringgits from 35.5 million ringgits, and total operating expenses fell 27.1% on an annual basis to 28.0 million ringgits from 38.4 million ringgits.

Reported net income came to a loss of 1.0 million ringgits, or a loss of 0 sen per share, compared to a loss of 2.5 million ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of May 30, US$1 was equivalent to 4.11 ringgits.