Hap Seng Plantations Holdings Bhd. said its normalized net income for the first quarter amounted to 2 Malaysian sen per share, a decrease of 49.3% from 4 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.2 million ringgits, a decrease of 49.3% from 35.9 million ringgits in the year-earlier period.

The normalized profit margin dropped to 16.0% from 25.9% in the year-earlier period.

Total revenue declined 17.8% year over year to 113.8 million ringgits from 138.4 million ringgits, and total operating expenses increased on an annual basis to 84.7 million ringgits from 81.0 million ringgits.

Reported net income fell 49.1% year over year to 21.5 million ringgits, or 3 sen per share, from 42.2 million ringgits, or 5 sen per share.

As of May 25, US$1 was equivalent to 3.62 ringgits.