Kumpulan Powernet Bhd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 462,380 ringgits, compared with a loss of 671,750 ringgits in the third quarter ended Sept. 30, 2015.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to negative 41.6% from negative 58.5% in the year-earlier period.

Total revenue declined on an annual basis to 1.1 million ringgits from 1.1 million ringgits, and total operating expenses fell 20.9% from the prior-year period to 1.8 million ringgits from 2.3 million ringgits.

Reported net income totaled a loss of 741,000 ringgits, or a loss of 1 sen per share, compared to a loss of 1.1 million ringgits, or a loss of 2 sen per share, in the third quarter ended Sept. 30, 2015.

As of May 24, US$1 was equivalent to 4.11 ringgits.