TPC Plus Berhad said its normalized net income for the first quarter came to 890,000 ringgits, a decline of 22.3% from 1.1 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 4.3% from 4.8% in the year-earlier period.

Total revenue fell 12.4% on an annual basis to 20.9 million ringgits from 23.8 million ringgits, and total operating expenses decreased 11.2% on an annual basis to 18.6 million ringgits from 21.0 million ringgits.

Reported net income declined 51.4% on an annual basis to 891,140 ringgits, or 0 sen per share, from 1.8 million ringgits, or 2 sen per share.

As of May 25, US$1 was equivalent to 4.10 ringgits.