First Resources Ltd. said its normalized net income for the first quarter came to $5.6 million, a decrease of 72.6% from $20.3 million in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 4.9% from 21.1% in the year-earlier period.
Total revenue increased 17.5% year over year to $113.1 million from $96.3 million, and total operating expenses climbed 74.7% on an annual basis to $96.7 million from $55.3 million.
Reported net income declined 77.8% on an annual basis to $5.4 million, or 0 cents per share, from $24.2 million, or 2 cents per share.