Paos Holdings Bhd. said its normalized net income for the fiscal first quarter ended Aug. 31 came to 120,630 ringgits, a decrease of 92.5% from 1.6 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 dropped to 1.0% from 2.8% in the year-earlier period.

Total revenue decreased 78.7% on an annual basis to 12.0 million ringgits from 56.5 million ringgits, and total operating expenses declined 78.0% on an annual basis to 11.8 million ringgits from 53.9 million ringgits.

Reported net income fell 97.2% on an annual basis to 51,000 ringgits, or 0 sen per share, from 1.8 million ringgits, or 1 sen per share.

As of Oct. 30, US$1 was equivalent to 3.29 ringgits.