Borneo Oil Bhd. said its normalized net income for the fiscal first quarter ended April 30 amounted to a loss of 997,500 ringgits, compared with a loss of 321,880 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 declined to negative 12.4% from negative 3.2% in the year-earlier period.

Total revenue rose on an annual basis to 10.2 million ringgits from 10.0 million ringgits, and total operating expenses increased 11.5% from the prior-year period to 11.6 million ringgits from 10.4 million ringgits.

Reported net income totaled a loss of 1.6 million ringgits, or a loss of 0 sen per share, compared to a loss of 580,000 ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of June 30, US$1 was equivalent to 3.21 ringgits.