Sinotop Holdings Bhd. said its normalized net income for the first quarter amounted to 715,000 ringgits, a decrease of 35.1% from 1.1 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 fell to 2.0% from 3.8% in the year-earlier period.

Total revenue increased 22.2% year over year to 35.4 million ringgits from 29.0 million ringgits, and total operating expenses climbed 25.9% year over year to 34.2 million ringgits from 27.2 million ringgits.

Reported net income fell 41.7% from the prior-year period to 778,000 ringgits, or 0 sen per share, from 1.3 million ringgits, or 0 sen per share.

As of May 19, US$1 was equivalent to 3.61 ringgits.