Malpac Holdings Bhd. said its normalized net income for the first quarter was a loss of 365,630 ringgits, compared with a loss of 281,880 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 fell to negative 37.4% from negative 33.9% in the year-earlier period.

Total revenue climbed 17.6% year over year to 977,000 ringgits from 831,000 ringgits, and total operating expenses increased 21.8% year over year to 1.6 million ringgits from 1.3 million ringgits.

Reported net income came to a loss of 585,000 ringgits, or a loss of 1 sen per share, compared to a loss of 451,000 ringgits, or a loss of 1 sen per share, in the year-earlier period.

As of May 21, US$1 was equivalent to 3.60 ringgits.