FCW Holdings Bhd. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 671,880 ringgits, compared with income of 364,000 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 declined to negative 10.6% from 5.5% in the year-earlier period.

Total revenue declined year over year to 6.3 million ringgits from 6.6 million ringgits, and total operating expenses decreased 27.8% on an annual basis to 4.5 million ringgits from 6.3 million ringgits.

Reported net income totaled a loss of 1.2 million ringgits, or a loss of 0 sen per share, compared to income of 524,000 ringgits, or 0 sen per share, in the year-earlier period.

As of Nov. 27, US$1 was equivalent to 4.27 ringgits.