Sin Heng Chan (Malaya) Berhad said its normalized net income for the first quarter came to a loss of 1.2 million ringgits, compared with a loss of 830,630 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 negative 35.7% from negative 15.4% in the year-earlier period.

Total revenue decreased 35.3% year over year to 3.5 million ringgits from 5.4 million ringgits, and total operating expenses fell 21.8% from the prior-year period to 4.9 million ringgits from 6.2 million ringgits.

Reported net income came to a loss of 1.9 million ringgits, or a loss of 2 sen per share, compared to a loss of 1.3 million ringgits, or a loss of 1 sen per share, in the prior-year period.

As of May 29, US$1 was equivalent to 3.66 ringgits.