OldTown Berhad said its normalized net income for the fiscal first quarter ended June 30 was 2 Malaysian sen per share, a decline of 8.9% from 2 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 7.9 million ringgits, a decline of 11.2% from 8.9 million ringgits in the year-earlier period.

The normalized profit margin dropped to 8.4% from 8.9% in the year-earlier period.

Total revenue decreased 6.5% year over year to 94.1 million ringgits from 100.6 million ringgits, and total operating expenses fell from the prior-year period to 81.7 million ringgits from 85.3 million ringgits.

Reported net income decreased 18.9% from the prior-year period to 9.5 million ringgits, or 2 sen per share, from 11.7 million ringgits, or 3 sen per share.

As of Aug. 27, US$1 was equivalent to 4.19 ringgits.