Kawan Food Bhd. said its first-quarter normalized net income amounted to 1 Malaysian sen per share, a decrease of 32.9% from 2 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 3.5 million ringgits, a decrease of 23.4% from 4.6 million ringgits in the prior-year period.

The normalized profit margin fell to 8.5% from 12.3% in the year-earlier period.

Total revenue increased 11.1% year over year to 41.5 million ringgits from 37.3 million ringgits, and total operating expenses increased 14.9% year over year to 36.2 million ringgits from 31.5 million ringgits.

Reported net income fell 21.3% on an annual basis to 4.4 million ringgits, or 1 sen per share, from 5.6 million ringgits, or 2 sen per share.

As of May 30, US$1 was equivalent to 4.11 ringgits.