TH Plantations Bhd. said its first-quarter normalized net income amounted to 1.8 million ringgits, a decline of 64.1% from 4.9 million ringgits in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 2.1% from 4.0% in the year-earlier period.

Total revenue declined 33.8% year over year to 82.3 million ringgits from 124.2 million ringgits, and total operating expenses fell 30.5% year over year to 73.3 million ringgits from 105.5 million ringgits.

Reported net income grew 13.8% from the prior-year period to 6.5 million ringgits, or 1 sen per share, from 5.7 million ringgits, or 1 sen per share.

As of May 27, US$1 was equivalent to 3.65 ringgits.