Boustead Plantations Bhd. said its normalized net income for the first quarter was 6.6 million ringgits, a fall of 73.2% from 24.7 million ringgits in the prior-year period.

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

The normalized profit margin fell to 5.0% from 12.5% in the year-earlier period.

Total revenue declined 33.6% on an annual basis to 131.9 million ringgits from 198.6 million ringgits, and total operating expenses fell 17.8% from the prior-year period to 118.4 million ringgits from 144.0 million ringgits.

Reported net income fell 75.6% on an annual basis to 7.3 million ringgits, or 0 sen per share, from 30.1 million ringgits, or 3 sen per share.

As of May 19, US$1 was equivalent to 3.61 ringgits.