Courts Asia Ltd. said its normalized net income for the fiscal first quarter ended June 30 was S$3.6 million, a decrease of 36.1% from S$5.7 million in the prior-year period.

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

The normalized profit margin declined to 1.9% from 2.9% in the year-earlier period.

Total revenue declined year over year to S$194.1 million from S$197.1 million, and total operating expenses came to S$184.2 million, compared with S$183.9 million in the prior-year period.

Reported net income decreased 28.4% on an annual basis to S$5.1 million, or 1 cents per share, from S$7.1 million, or 1 cents per share.

As of Aug. 13, US$1 was equivalent to S$1.25.