XingHe Holdings Berhad said its first-quarter normalized net income amounted to 1 Malaysian sen per share, a decline of 91.4% from 17 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 33.8 million ringgits, an increase of 42.4% from 23.7 million ringgits in the year-earlier period.

The normalized profit margin increased to 8.7% from 7.7% in the year-earlier period.

Total revenue rose 25.2% on an annual basis to 388.2 million ringgits from 310.2 million ringgits, and total operating expenses climbed 22.6% on an annual basis to 327.5 million ringgits from 267.3 million ringgits.

Reported net income rose 44.3% on an annual basis to 41.9 million ringgits, or 2 sen per share, from 29.1 million ringgits, or 20 sen per share.

As of May 29, US$1 was equivalent to 3.66 ringgits.