Cepatwawasan Group Bhd. said its first-quarter normalized net income was a loss of 407,500 ringgits, compared with income of 2.5 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 1.0% from 5.8% in the year-earlier period.

Total revenue declined 8.3% year over year to 38.9 million ringgits from 42.4 million ringgits, and total operating expenses climbed year over year to 39.3 million ringgits from 38.2 million ringgits.

Reported net income totaled a loss of 405,000 ringgits, or a loss of 0 sen per share, compared to income of 3.3 million ringgits, or 1 sen per share, in the prior-year period.

As of May 27, US$1 was equivalent to 4.08 ringgits.