TSH Resources Bhd. said its first-quarter normalized net income was 5.0 million ringgits, a decline of 87.5% from 39.8 million 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 declined to 2.4% from 13.8% in the year-earlier period.

Total revenue decreased 28.2% on an annual basis to 206.0 million ringgits from 287.1 million ringgits, and total operating expenses fell 25.7% on an annual basis to 173.6 million ringgits from 233.6 million ringgits.

Reported net income declined 87.7% year over year to 6.4 million ringgits, or 0 sen per share, from 52.2 million ringgits, or 4 sen per share.

As of May 20, US$1 was equivalent to 3.61 ringgits.