Goodway Integrated Industries Bhd. said its first-quarter normalized net income was 157,250 ringgits, a decline of 56.9% from 364,880 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 0.4% from 0.6% in the year-earlier period.

Total revenue fell 25.3% year over year to 43.5 million ringgits from 58.2 million ringgits, and total operating expenses fell 26.0% on an annual basis to 41.9 million ringgits from 56.5 million ringgits.

Reported net income came to a loss of 684,000 ringgits, or a loss of 1 sen per share, compared to a loss of 11,000 ringgits, or a loss of 0 sen per share, in the year-earlier period.

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