F J Benjamin Holdings Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of S$3.5 million, compared with income of S$585,000 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 5.4% from 0.8% in the year-earlier period.

Total revenue fell 15.5% on an annual basis to S$63.7 million from S$75.4 million, and total operating expenses fell 10.5% from the prior-year period to S$66.8 million from S$74.7 million.

Reported net income came to a loss of S$5.5 million, or a loss of 1 cents per share, compared to income of S$1.1 million, or 0 cents per share, in the prior-year period.

As of Nov. 11, US$1 was equivalent to S$1.42.