Kretam Holdings Bhd. said its normalized net income for the first quarter was a loss of 1.3 million ringgits, compared with income of 5.3 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 1.6% from 5.4% in the year-earlier period.

Total revenue fell 20.9% on an annual basis to 77.7 million ringgits from 98.2 million ringgits, and total operating expenses decreased 11.0% from the prior-year period to 78.8 million ringgits from 88.6 million ringgits.

Reported net income came to a loss of 2.9 million ringgits, or a loss of 0 sen per share, compared to income of 4.6 million ringgits, or 0 sen per share, in the year-earlier period.

As of May 27, US$1 was equivalent to 3.65 ringgits.