PLS Plantations Bhd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 1.8 million ringgits, compared with a loss of 38,380 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 dropped to negative 21.6% from negative 0.3% in the year-earlier period.

Total revenue fell 41.9% year over year to 8.5 million ringgits from 14.7 million ringgits, and total operating expenses declined on an annual basis to 14.7 million ringgits from 14.9 million ringgits.

Reported net income totaled a loss of 2.9 million ringgits, or a loss of 1 sen per share, compared to a loss of 680,000 ringgits, or a loss of 0 sen per share, in the prior-year period.

As of Aug. 26, US$1 was equivalent to 4.25 ringgits.