Cheetah Holdings Bhd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 104,380 ringgits, a decline of 92.2% from 1.3 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 0.3% from 3.7% in the year-earlier period.

Total revenue declined 15.6% year over year to 30.7 million ringgits from 36.3 million ringgits, and total operating expenses decreased 10.7% year over year to 30.6 million ringgits from 34.2 million ringgits.

Reported net income decreased 92.3% year over year to 124,000 ringgits, or 0 sen per share, from 1.6 million ringgits, or 1 sen per share.

As of Nov. 18, US$1 was equivalent to 4.36 ringgits.