Sarawak Plantation Bhd. said its normalized net income for the first quarter was 1.1 million ringgits, a fall of 92.1% from 13.9 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 fell to 1.5% from 13.4% in the year-earlier period.

Total revenue fell 31.8% year over year to 70.9 million ringgits from 104.0 million ringgits, and total operating expenses declined 15.5% from the prior-year period to 69.9 million ringgits from 82.6 million ringgits.

Reported net income declined 57.4% on an annual basis to 7.4 million ringgits, or 3 sen per share, from 17.4 million ringgits, or 6 sen per share.

As of May 22, US$1 was equivalent to 3.60 ringgits.