Sinotop Holdings Berhad said its first-quarter normalized net income was 383,750 ringgits, a fall of 46.3% from 715,000 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 1.2% from 2.0% in the year-earlier period.

Total revenue declined 9.7% on an annual basis to 32.0 million ringgits from 35.4 million ringgits, and total operating expenses decreased 8.9% year over year to 31.2 million ringgits from 34.2 million ringgits.

Reported net income decreased 21.1% on an annual basis to 614,000 ringgits, or 0 sen per share, from 778,000 ringgits, or 0 sen per share.

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