Federal Furniture Holdings (M) Bhd. said its normalized net income for the first quarter came to 939,000 ringgits, a gain of 41.2% from 665,130 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 fell to 3.5% from 3.6% in the year-earlier period.

Total revenue increased 44.7% on an annual basis to 27.1 million ringgits from 18.7 million ringgits, and total operating expenses climbed 44.4% from the prior-year period to 25.3 million ringgits from 17.5 million ringgits.

Reported net income grew 40.5% on an annual basis to 1.1 million ringgits, or 1 sen per share, from 813,000 ringgits, or 1 sen per share.

As of May 27, US$1 was equivalent to 4.08 ringgits.