Marco Holdings Berhad said its first-quarter normalized net income was 3.2 million ringgits, a decline of 24.5% from 4.3 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 6.6% from 9.3% in the year-earlier period.

Total revenue grew 6.0% on an annual basis to 48.8 million ringgits from 46.0 million ringgits, and total operating expenses increased 11.6% year over year to 44.1 million ringgits from 39.5 million ringgits.

Reported net income declined 27.5% from the prior-year period to 3.8 million ringgits, or 0 sen per share, from 5.2 million ringgits, or 0 sen per share.

As of May 17, US$1 was equivalent to 4.01 ringgits.