Golden Land Bhd. said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of 2.1 million ringgits, compared with a loss of 969,250 ringgits in the prior-year period.

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

Total revenue fell 93.4% on an annual basis to 153,000 ringgits from 2.3 million ringgits, and total operating expenses declined 21.0% on an annual basis to 2.4 million ringgits from 3.0 million ringgits.

Reported net income totaled a loss of 3.6 million ringgits, or a loss of 2 sen per share, compared to a loss of 1.9 million ringgits, or a loss of 1 sen per share, in the prior-year period.

As of Nov. 17, US$1 was equivalent to 4.39 ringgits.