Golden Agri-Resources Ltd. said its first-quarter normalized net income was $10.7 million, a decrease of 87.7% from $86.7 million 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 negative 0.2% from 4.5% in the year-earlier period.

Total revenue fell 18.9% on an annual basis to $1.55 billion from $1.91 billion, and total operating expenses decreased 15.7% from the prior-year period to $1.48 billion from $1.75 billion.

Reported net income fell 83.5% from the prior-year period to $17.2 million, or 0 cents per share, from $103.9 million, or 1 cents per share.