Saudee Group Bhd. said its normalized net income for the fiscal first quarter ended Aug. 31 amounted to 125,000 ringgits, a fall of 58.6% from 301,880 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 declined to 0.3% from 0.8% in the year-earlier period.

Total revenue grew 7.9% on an annual basis to 41.5 million ringgits from 38.5 million ringgits, and total operating expenses climbed 8.5% year over year to 40.5 million ringgits from 37.4 million ringgits.

Reported net income fell 59.7% on an annual basis to 126,000 ringgits, or 0 sen per share, from 313,000 ringgits, or 0 sen per share.

As of Oct. 29, US$1 was equivalent to 3.27 ringgits.