Innoprise Plantations Bhd. said its first-quarter normalized net income was 1.7 million ringgits, a decline from 1.8 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 declined to 8.5% from 13.1% in the year-earlier period.

Total revenue increased 47.5% on an annual basis to 20.4 million ringgits from 13.9 million ringgits, and total operating expenses grew 54.1% year over year to 16.9 million ringgits from 10.9 million ringgits.

Reported net income increased on an annual basis to 2.2 million ringgits, or 1 sen per share, from 2.2 million ringgits, or 1 sen per share.

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