Far East Holdings Bhd. said its normalized net income for the first quarter was 5 Malaysian sen per share, a decline of 56.1% from 11 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.0 million ringgits, a decline of 56.1% from 15.9 million ringgits in the year-earlier period.

The normalized profit margin declined to 9.7% from 14.9% in the year-earlier period.

Total revenue declined 33.0% year over year to 71.7 million ringgits from 107.0 million ringgits, and total operating expenses fell 24.2% on an annual basis to 63.6 million ringgits from 84.0 million ringgits.

Reported net income declined 56.0% year over year to 9.1 million ringgits, or 6 sen per share, from 20.7 million ringgits, or 15 sen per share.

As of May 19, US$1 was equivalent to 3.61 ringgits.