Kretam Holdings Berhad said its first-quarter normalized net income came to a loss of 2.5 million ringgits, compared with a loss of 1.3 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 declined to negative 6.1% from negative 1.6% in the year-earlier period.

Total revenue declined 46.5% year over year to 41.6 million ringgits from 77.7 million ringgits, and total operating expenses fell 39.9% on an annual basis to 47.4 million ringgits from 78.8 million ringgits.

Reported net income came to a loss of 4.1 million ringgits, or a loss of 0 sen per share, compared to a loss of 2.9 million ringgits, or a loss of 0 sen per share, in the prior-year period.

As of May 25, US$1 was equivalent to 4.10 ringgits.