TH Plantations Bhd. said its normalized net income for the first quarter amounted to a loss of 7.4 million ringgits, compared with income of 1.8 million 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 dropped to negative 4.9% from 2.1% in the year-earlier period.

Total revenue increased 8.8% on an annual basis to 89.5 million ringgits from 82.3 million ringgits, and total operating expenses climbed 34.4% from the prior-year period to 98.5 million ringgits from 73.3 million ringgits.

Reported net income came to a loss of 7.2 million ringgits, or a loss of 1 sen per share, compared to income of 6.5 million ringgits, or 1 sen per share, in the prior-year period.

As of May 23, US$1 was equivalent to 4.09 ringgits.