Pan Malaysia Corp. Bhd. said its first-quarter normalized net income was 575,630 ringgits, a decline of 52.5% from 1.2 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 3.5% from 7.0% in the year-earlier period.

Total revenue decreased year over year to 16.4 million ringgits from 17.2 million ringgits, and total operating expenses increased from the prior-year period to 16.6 million ringgits from 16.1 million ringgits.

Reported net income decreased 58.2% on an annual basis to 703,000 ringgits, or 0 sen per share, from 1.7 million ringgits, or 0 sen per share.

As of May 25, US$1 was equivalent to 3.62 ringgits.