SEG International Bhd. said its first-quarter normalized net income was 3.5 million ringgits, a fall of 56.6% from 8.0 million 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 fell to 5.4% from 11.8% in the year-earlier period.

Total revenue fell on an annual basis to 64.4 million ringgits from 67.4 million ringgits, and total operating expenses grew 5.8% year over year to 61.0 million ringgits from 57.6 million ringgits.

Reported net income decreased 57.2% on an annual basis to 4.9 million ringgits, or 0 sen per share, from 11.5 million ringgits, or 1 sen per share.

As of May 24, US$1 was equivalent to 4.11 ringgits.