Overseas Education Ltd. said its first-quarter normalized net income amounted to S$4.2 million, an increase from S$4.2 million in the year-earlier period.

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

The normalized profit margin rose to 17.2% from 16.4% in the year-earlier period.

Total revenue fell on an annual basis to S$24.5 million from S$25.4 million, and total operating expenses fell 5.2% on an annual basis to S$17.8 million from S$18.8 million.

Reported net income increased year over year to S$5.6 million, or 1 cents per share, from S$5.5 million, or 1 cents per share.

As of May 12, US$1 was equivalent to S$1.34.