Golden Agri-Resources Ltd said its normalized net income for the first quarter came to $47.9 million, compared with a loss of $3.8 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 3.1% from negative 0.2% in the year-earlier period.

Total revenue declined year over year to $1.49 billion from $1.55 billion, and total operating expenses declined on an annual basis to $1.45 billion from $1.50 billion.

Reported net income came to $94.1 million, or 1 cents per share, compared to a loss of $3.2 million, or a loss of 0 cents per share, in the prior-year period.