Golden Land Bhd. said its normalized net income for the fiscal third quarter ended March 31 came to 96,000 ringgits, a fall of 97.5% from 3.9 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 dropped to negative 4.7% from 8.6% in the year-earlier period.

Total revenue fell 23.1% on an annual basis to 34.5 million ringgits from 44.9 million ringgits, and total operating expenses decreased 13.5% on an annual basis to 32.0 million ringgits from 37.0 million ringgits.

Reported net income came to a loss of 990,000 ringgits, or a loss of 0 sen per share, compared to income of 4.3 million ringgits, or 2 sen per share, in the year-earlier period.

As of May 26, US$1 was equivalent to 3.64 ringgits.