BLD Plantation Bhd. said its normalized net income for the first quarter was 764,880 ringgits, a decrease of 83.0% from 4.5 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 dropped to 0.3% from 1.2% in the year-earlier period.

Total revenue declined 17.5% on an annual basis to 303.7 million ringgits from 367.9 million ringgits, and total operating expenses fell 16.0% from the prior-year period to 300.0 million ringgits from 357.3 million ringgits.

Reported net income declined 97.2% year over year to 143,000 ringgits, or 0 sen per share, from 5.1 million ringgits, or 6 sen per share.

As of May 28, US$1 was equivalent to 3.65 ringgits.