Magnum Bhd. said its first-quarter normalized net income was 4 Malaysian sen per share, a decline of 23.0% from 5 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 59.9 million ringgits, a decrease of 23.1% from 77.9 million ringgits in the prior-year period.

The normalized profit margin fell to 8.0% from 9.8% in the year-earlier period.

Total revenue declined on an annual basis to 752.6 million ringgits from 791.3 million ringgits, and total operating expenses decreased from the prior-year period to 642.2 million ringgits from 649.6 million ringgits.

Reported net income declined 24.2% on an annual basis to 68.8 million ringgits, or 5 sen per share, from 90.8 million ringgits, or 6 sen per share.

As of May 26, US$1 was equivalent to 4.06 ringgits.