Pineapple Resources Bhd. said its first-quarter normalized net income came to a loss of 188,130 ringgits, compared with income of 100,630 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 dropped to negative 1.5% from 0.6% in the year-earlier period.
Total revenue fell 30.7% on an annual basis to 12.5 million ringgits from 18.0 million ringgits, and total operating expenses fell 28.4% on an annual basis to 12.8 million ringgits from 17.9 million ringgits.
Reported net income totaled a loss of 309,000 ringgits, or a loss of 1 sen per share, compared to income of 73,000 ringgits, or 0 sen per share, in the year-earlier period.
As of May 26, US$1 was equivalent to 4.06 ringgits.