QAF Ltd. said its third-quarter normalized net income amounted to 1 Singapore cents per share, an increase of 24.3% from 1 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was S$8.2 million, an increase of 25.9% from S$6.5 million in the prior-year period.

The normalized profit margin climbed to 3.4% from 2.5% in the year-earlier period.

Total revenue fell 5.0% year over year to S$243.2 million from S$256.0 million, and total operating expenses decreased 6.2% on an annual basis to S$227.9 million from S$242.9 million.

Reported net income increased 28.2% year over year to S$10.6 million, or 2 cents per share, from S$8.3 million, or 1 cents per share.

As of Nov. 13, US$1 was equivalent to S$1.42.