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Soup Restaurant Q1 profit falls YOY

Soup Restaurant Group Ltd said its normalized net income for the first quarter came to S$294,380, a decline of 40.5% from S$495,000 in the year-earlier period.

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

The normalized profit margin declined to 0.9% from 4.8% in the year-earlier period.

Total revenue grew on an annual basis to S$10.8 million from S$10.3 million, and total operating expenses climbed 9.3% year over year to S$10.6 million from S$9.7 million.

Reported net income decreased 42.8% on an annual basis to S$371,300, or 0 cents per share, from S$648,850, or 0 cents per share.

As of May 14, US$1 was equivalent to S$1.32.