Green Ocean Corp. Berhad said its normalized net income for the fiscal first quarter ended June 30 was a loss of 218,750 ringgits, compared with a loss of 369,380 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 climbed to negative 1.4% from negative 4.5% in the year-earlier period.

Total revenue increased 88.3% year over year to 15.3 million ringgits from 8.1 million ringgits, and total operating expenses rose 82.6% on an annual basis to 15.7 million ringgits from 8.6 million ringgits.

Reported net income totaled 443,000 ringgits, or 0 sen per share, compared to a loss of 591,000 ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of Aug. 27, US$1 was equivalent to 4.19 ringgits.