Grand Central Enterprises Bhd. said its normalized net income for the first quarter amounted to a loss of 1.1 million ringgits, compared with a loss of 389,750 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 declined to negative 21.4% from negative 5.9% in the year-earlier period.

Total revenue declined 21.3% year over year to 5.2 million ringgits from 6.6 million ringgits, and total operating expenses declined from the prior-year period to 7.0 million ringgits from 7.2 million ringgits.

Reported net income totaled a loss of 1.8 million ringgits, or a loss of 1 sen per share, compared to a loss of 821,000 ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of May 10, US$1 was equivalent to 4.05 ringgits.