Pan Malaysia Holdings Bhd. said its normalized net income for the fourth quarter was 185,000 ringgits, compared with a loss of 1.2 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 rose to 6.7% from negative 42.6% in the year-earlier period.

Total revenue declined year over year to 2.7 million ringgits from 2.8 million ringgits, and total operating expenses decreased 50.4% on an annual basis to 2.1 million ringgits from 4.2 million ringgits.

Reported net income came to 296,000 ringgits, or 0 sen per share, compared to a loss of 1.0 million ringgits, or a loss of 0 sen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 51,250 ringgits, compared with a loss of -2.4 million ringgits in the prior year.

Full-year total revenue declined 5.5% on an annual basis to 8.9 million ringgits from 9.4 million ringgits, and total operating expenses declined 22.4% year over year to 7.8 million ringgits from 10.1 million ringgits.

The company said reported net income totaled 82,000 ringgits, or 0 sen per share, in the full year, compared with a loss of 3.0 million ringgits, or a loss of 0 sen per share, the prior year.

As of Feb. 16, US$1 was equivalent to 4.21 ringgits.