Grand-Flo Bhd. said its first-quarter normalized net income was 103,620 ringgits, a decline of 96.9% from 3.4 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 fell to 0.3% from 12.4% in the year-earlier period.
Total revenue grew 16.1% year over year to 31.6 million ringgits from 27.2 million ringgits, and total operating expenses rose 44.8% year over year to 29.4 million ringgits from 20.3 million ringgits.
Reported net income declined 98.0% year over year to 100,350 ringgits, or 0 sen per share, from 5.0 million ringgits, or 1 sen per share.
As of May 24, US$1 was equivalent to 4.11 ringgits.