Oceancash Pacific Bhd. said its normalized net income for the first quarter came to 525,000 ringgits, a decline of 68.6% from 1.7 million 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 dropped to 2.8% from 8.2% in the year-earlier period.

Total revenue fell 9.0% year over year to 18.6 million ringgits from 20.4 million ringgits, and total operating expenses rose from the prior-year period to 18.3 million ringgits from 18.0 million ringgits.

Reported net income declined 47.4% year over year to 1.2 million ringgits, or 1 sen per share, from 2.2 million ringgits, or 1 sen per share.

As of May 25, US$1 was equivalent to 4.10 ringgits.