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Polaris swings to loss in Q1

Polaris Ltd. said its normalized net income for the first quarter was a loss of S$447,630, compared with income of S$1.0 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 fell to negative 2.9% from 2.8% in the year-earlier period.

Total revenue decreased 52.6% on an annual basis to S$17.7 million from S$37.3 million, and total operating expenses decreased 49.0% from the prior-year period to S$18.8 million from S$36.9 million.

Reported net income totaled a loss of S$733,000, or a loss of 0 cents per share, compared to income of S$1.4 million, or 0 cents per share, in the prior-year period.

As of May 9, US$1 was equivalent to S$1.37.