Dutch Lady Milk Industries Bhd. said its normalized net income for the first quarter came to 22 Malaysian sen per share, a decrease of 26.2% from 30 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.4 million ringgits, a decrease of 26.2% from 19.5 million ringgits in the year-earlier period.

The normalized profit margin declined to 7.3% from 8.6% in the year-earlier period.

Total revenue decreased 13.5% year over year to 196.9 million ringgits from 227.7 million ringgits, and total operating expenses fell 11.9% from the prior-year period to 173.5 million ringgits from 196.8 million ringgits.

Reported net income declined 26.2% from the prior-year period to 17.0 million ringgits, or 27 sen per share, from 23.1 million ringgits, or 36 sen per share.

As of May 26, US$1 was equivalent to 3.64 ringgits.