Hap Seng Plantations Holdings Bhd. said its first-quarter normalized net income was 2 Malaysian sen per share, a decline of 21.2% from 2 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.3 million ringgits, a decline of 21.2% from 18.2 million ringgits in the prior-year period.

The normalized profit margin fell to 13.8% from 16.0% in the year-earlier period.

Total revenue fell 8.5% year over year to 104.2 million ringgits from 113.8 million ringgits, and total operating expenses decreased year over year to 81.2 million ringgits from 84.7 million ringgits.

Reported net income fell 22.5% year over year to 16.6 million ringgits, or 2 sen per share, from 21.5 million ringgits, or 3 sen per share.

As of May 18, US$1 was equivalent to 4.05 ringgits.